Elliott Wave Analysis: USD/CAD Undergoing A Correction

USD/CAD is still trading quite aggressively lower after price made a sharp reversal to the downside from 1.468 area, where price completed a higher degree bullish structure. That said, price of USDCAD is likely going even lower as decline from 1.4680 has unfolded in five waves, labeled as wave A/I; first wave of a minimum big three waves of a decline. However, nothing moves in straight lines so we need to be aware of a corrective bounce up in wave B/II which is now already underway with still some room left towards 1.3700 area since we expect a bigger corrective three wave recovery.

USD/CAD, Daily

USD/CAD Daily Chart

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