USDCAD Short Term Elliott Wave view suggests that the rally to 1.2998 on May 08,2018 high ended Primary wave ((2)). The internals of Primary wave ((2)) unfolded as a Zigzag Elliott Wave structure where Intermediate wave (A) ended at 1.29. Afterwards, the sideways consolidation to 1.2837 low ended Intermediate wave (B) as a triangle Elliott Wave structure and rally to 1.2998 high ended Intermediate wave (C) of ((2)).
Down from there, Primary wave ((3)) remains in progress as an Impulse Elliott Wave structure. Internals of Wave (1) of ((3)) subdivided as an impulse structure of a lesser degree. Minor wave 1 ended at 1.2937, Minor wave 2 ended at 1.2975, Minor wave 3 ended at 1.2741 low. Minor wave 4 ended at 1.2814 and Minor wave 5 of (1) ended at 1.2725 low. Above from there, Intermediate wave (2) of ((3)) remains in progress to correct cycle from 5.8.2018 high and expected to do a double correction in 7 swing structure.
Near-term focus remain towards 1.2821 – 1.2839, which is 100% – 123.6% Fibonacci extension area of ((w))-((x)), to end Minor wave W. Pair should then do a 3 wave pullback in Minor wave X before another leg higher in Minor wave Y of (2) takes place. As far as a pivot at 5.8 high (1.2998) remains intact, pair should eventually resume lower. We don’t like buying the pair into the proposed rally.