USDCAD should have one more leg down in a fourth wave correction to complete a three wave movement down. According to Elliott Wave Principle pg . 66
"The most important empirically derived rule that can be distilled from our observation of market behavior is that when the fifth wave of an advance is an extension, the ensuing correction will be sharp and find support at the level of the low of wave two of the extension."
It is to be noted that this support level also aligns with 0.382 retracement level from the larger wave cycle.
Also, taken from Elliott Wave Principle pg . 66
"Sometimes the correction ends there, and sometimes only wave A ends there."
I believe due to the current state of the global markets and the global demand to hold dollars, the completed correction should end somewhere between 1.40130-1.38099 where we will see further strengthening of USD against CAD. If resistance is taken out above 1.4569 level before then, the correction may be over but will only be confirmed once new highs are made above 1.46674.
"The most important empirically derived rule that can be distilled from our observation of market behavior is that when the fifth wave of an advance is an extension, the ensuing correction will be sharp and find support at the level of the low of wave two of the extension."
It is to be noted that this support level also aligns with 0.382 retracement level from the larger wave cycle.
Also, taken from Elliott Wave Principle pg . 66
"Sometimes the correction ends there, and sometimes only wave A ends there."
I believe due to the current state of the global markets and the global demand to hold dollars, the completed correction should end somewhere between 1.40130-1.38099 where we will see further strengthening of USD against CAD. If resistance is taken out above 1.4569 level before then, the correction may be over but will only be confirmed once new highs are made above 1.46674.