Short term USDCAD Elliott Wave view suggests the decline to 1.2411 ended Intermediate wave (3) of an Elliott Wave impulse structure from 6/2 peak. Intermediate wave (4) bounce is in progress as a flat Elliott wave structure where Minor wave A ended at 1.2576 and Minor wave B ended at 1.2416. Minor wave C is subpided as an impulse Elliott Wave structure. Up from 1.2416 low, Minute wave ((i)) ended at 1.253, Minute wave ((ii)) ended at 1.2443, Minute wave ((iii)) ended at 1.2593 and Minute wave ((iv)) ended at 1.2355. Near term focus is on 1.262 – 1.2683 to complete Intermediate wave (4) flat. Afterwards, pair should either resume to new low or at least pullback in 3 waves. We don’t like buying the proposed bounce.
USDCAD 1 Hour Elliott Wave Chart