Short Term Elliott Wave view in USDCAD suggests that rally to 1.354 ended wave (B). Pair has since turned lower in wave (C). However, confirmation is needed to validate this view and pair still needs to break below the previous low on 12.27.2023 at 1.3172. Down from wave (B), wave (i) ended at 1.3475 and rally in wave (ii) ended at 1.3528. Pair extended lower in wave (iii) towards 1.3417 and wave (iv) ended at 1.3444. Final leg wave (v) ended at 1.3413 which completed wave ((i)). Pair then rallied in wave ((ii)) which subdivides into a zigzag structure.
Up from wave ((i)), wave (a) ended at 1.349 and pullback in wave (b) ended at 1.3425. Wave (c) higher ended at 1.3534 which completed wave ((ii)). Pair has turned lower in wave ((iii)) towards 1.3411 and rally in wave ((iv)) ended at 1.3467. Pair then made another low in wave ((v)) as a diagonal. Down from wave ((iv)), wave (i) ended at 1.3424 and wave (ii) ended at 1.3465. Wave (iii) lower ended at 1.3397, wave (iv) ended at 1.3446, and wave (v) ended at 1.3396. This completed wave ((v)) of 1 in higher degree. Expect pair to rally in wave 2 to correct cycle from 1.17.2024 high before it resumes lower. Near term, as far as pivot at 1.354 high stays intact, expect rally to fail in 3, 7, 11 swing for further downside.
