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 double three Elliott wave structure where Minor wave W ended at 1.2576 and Minor wave X ended at 1.2416. Minor wave Y is subpided also as a double three Elliott Wave structure. Up from 1.2416 low, Minute wave ((w)) ended at 1.253 and Minute wave ((x)) ended at 1.2443. Near term focus is on 1.258 – 1.262 area to complete Intermediate wave (4). 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