Short term Elliott Wave view on USDCAD suggests the cycle from 8.11.2022 low is in progress as a 5 waves impulse structure. Up from 8.11.2022 low, wave (1) ended at 1.3208 and dips in wave (2) ended at 1.295. Pair then resumes higher in wave (3) towards 1.3833. Pullback in wave (4) ended at 1.35 with internal subdivision as a zigzag structure. Down from wave (3), wave A ended at 1.36, rally in wave B ended at 1.383, and wave C lower ended at 1.35. This completed wave (4) in higher degree.
Wave (5) higher is in progress with internal subdivision as another 5 waves in lesser degree. Up from wave (4), wave ((i)) ended at 1.3695 and pullback in wave ((ii)) ended at 1.356. Pair then resumes higher in wave ((iii)) towards 1.376 and dips in wave ((iv)) ended at 1.367. Expect pair to end wave ((v)) soon and this should complete wave 1 in higher degree. Afterwards, pair should pullback in wave 2 to correct cycle from 10.5.2022 low before the rally resumes. Near term, as far as pivot at 1.35 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.
