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Elliott Wave View: USDCAD Further Rally Expected

USDCAD shows an incomplete sequence from June 1, 2021 low favoring further upside. Up from June 1, wave ((A)) ended at 1.2487 and pullback in wave ((B)) ended at 1.2252. Wave ((C)) is currently in progress and subdivides into a 5 waves impulse Elliott Wave structure. The short term 1 hour chart below shows the rally within wave ((C)). Up from wave ((B)) low on June 23, wave 1 ended at 1.231, and pullback in wave 2 ended at 1.226. Pair resumed higher in wave 3 towards 1.2423, pullback in wave 4 ended at 1.2365, and final leg wave 5 ended at 1.245. This completed wave (1) of ((C)) in higher degree.

Pullback in wave (2) of ((C)) ended at 1.2297 and pair has resumed higher again. Up from wave (2), wave 1 ended at 1.2494 and pullback in wave 2 ended at 1.2419. Wave 3 is currently in progress with internal subdivision as a 5 waves in lesser degree. Up from wave 2, wave ((i)) ended at 1.25914 and pullback in wave ((ii)) ended at 1.2444. Near term, as far as pullback stays above 1.2297, expect pair to extend higher.

USDCAD 60 Minutes Elliott Wave Chart

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