USDCAD Short Term Elliott Wave Update 9.25.2015

Best reading of the Elliottwave cycle suggests wave ((W)) ended at 1.3353. Decline from this level ended at 1.3 as wave ((X)). The rally higher from 1.3 unfolded as a double three structure ((w))-((x))-((y)) where wave ((w)) ended at 1.33, wave ((x)) ended at 1.317, and wave ((y)) of W ended at 1.341. Wave X pullback is currently in progress as a double correction with a target of 1.319 – 1.322 before the rally resumes to new high. We don’t like selling the proposed wave X pullback. As far as pivot at 1.3 stays intact during wave X pullback, we expect buyers to come and the pair to rally to new high.

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