Preferred Elliott wave view in USDCAD suggests that the pair is showing a 5 swing bearish sequence from 12/28 high, favoring more downside. Short term, decline to 1.2965 ended Minor wave W and Minor wave X bounce is proposed complete as a triple three structure where Minute wave ((w)) ended at 1.3102, and Minute wave ((x)) ended at 1.2976. Minute wave ((y)) ended at 1.3135, Minute second wave ((x)) ended at 1.307, and Minute wave ((z)) of X ended at 1.3212. Near term, while bounces stay below 1.3212, but more importantly below 1.3388, expect pair to turn lower. We don’t like buying the pair and provided that pivot at 1/20 high (1.3388) stays intact, we expect pair to resume lower or at least pullback in 3 waves to correct the cycle from 1/31 low (1.2965).
USDCAD 1 Hour chart
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