USDCAD Elliott Wave view suggests that the decline from 3/19 high (1.313) is unfolding as a 5 waves impulse Elliott Wave structure. Minor wave 1 ended at 1.2819, Minor wave 2 ended at 1.2943, and Minor wave 3 is in progress. Internal of Minor wave 3 also unfolded as an Elliott Wave impulse structure in lesser Minute degree with a nest. Down from 1.2943, Minute wave ((i)) of 3 ended at 1.2771 and Minute wave ((ii)) of 3 ended at 1.2847. Minute wave (((iii)) of 3 is unfolding as a 5 waves of lesser Minutte degree.
Down from Minute wave ((ii)) at 1.2847, Minutte wave (i) of ((iii)) ended at 1.274, and bounce to 1.2819 ended Minutte wave (ii) of ((iii)). Minutte wave (iii) of ((iii)) should complete with 1 more leg lower. Afterwards, expect pair to do minor bounce in Minutte wave (iv) of ((iii)) before turning lower again. As far as Minor wave 2 pivot at 4/2 high (1.2943) stays intact in the bounce, expect pair to turn lower. Pair should extend lower a few more legs before ending the entire 5 waves structure from 3/19 high. We don’t like buying the pair.
USDCAD Elliott Wave 1 Hour Chart