USDCAD Short Term Elliott Wave view suggests that the decline from 3/19 high (1.313) is unfolding as a 5 waves impulse Elliott Wave structure. Down from 1.313, 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 impulse with a nest. Minute wave ((i)) of 3 ended at 1.2771, Minute wave ((ii)) of 3 ended at 1.2847, and Minute wave (((iii)) is unfolding as a 5 waves of lesser degree.
Down from Minute wave ((ii)) at 1.2847, Minutte wave (i) of ((iii)) ended at 1.274, Minutte wave (ii) of ((iii)) ended at 1.2819, and 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. While Minor wave 2 pivot at 4/2 high (1.2943) stays intact, expect pair to 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