$USD/CAD Short Term Elliott Wave Analysis 7.7.2015

Rally from wave (X) low at 1.212 is unfolding in triple corrective structure WXYZ where wave W ended at 1.2423, wave X ended at 1.23, wave Y ended at 1.263, and second wave X ended at 1.2537. Wave Z is in progress and taking the form of a double corrective structure ((w))-((x))-((y)) where the pair is currently completing wave ((w)) and can reach as high as 1.268, then it should pullback in wave ((x)) before the rally resumes again. We don’t like selling the proposed pullback in wave ((x)). As far as 1.2122 pivot stays intact, more upside is expected in the pair.

USDCAD 6020150706210705

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