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 unfolding as a flat where Minute wave ((a)) ended at 1.3102, and Minute wave ((b)) ended at 1.2976. Minute wave ((c)) is in progress as a diagonal where Minutte wave (i) ended at 1.3076, Minutte wave (ii) ended at 1.2988, Minutte wave (iii) ended at 1.3212, and Minutte wave (iv) ended at 1.3147. Near term, while pair stays above 1.3147, expect one more push higher towards 1.324 – 1.3294 area to complete wave X FLAT before pair resumes the decline lower or at least pull back in 3 waves to correct cycle from 1/31 low. We don’t like buying the pair and expect sellers to appear soon for at least a 3 waves pullback as far as pivot at 1/20 high (1.3388) remains intact.
USDCAD 1 Hour chart
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