Elliott Wave View: USDCAD Near Support Area

Short Term Elliott Wave View suggests the rally from January 19 low ended wave 1 at 1.28775. Internal subdivision of wave 1 unfolded as a 5 waves impulse structure. Up from January 19 low, wave ((i)) ended at 1.2702 and pullback in wave ((ii)) ended at 1.2556. Pair resumes higher again in wave ((iii)) towards 1.2796, and wave ((iv)) ended at 1.2679 as a triangle. Final leg higher wave ((v)) ended at 1.28775 which also completes wave 1. Pullback in wave 2 is in progress as a zigzag Elliott Wave structure.

Down from wave 1, wave (i) ended at 1.2768 and rally in wave (ii) ended at 1.282. Pair resumes lower in wave (iii) towards 1.273, rally in wave (iv) ended at 1.2756, and move lower wave (v) ended at 1.269 which completes wave ((a)). Rally in wave ((b)) ended at 1.281, and pair has resumed lower. Down from wave ((b)), wave (i) ended at 1.276 and rally in wave (ii) ended at 1.2789. Pair resumes lower in wave (iii) towards 1.2656 and rally in wave (iv) ended at 1.27055. Pair can still see another leg lower in wave (v) to end wave ((c)) zigzag and also wave 2 in higher degree. Afterwards, expect pair to resume higher.