USDCAD: Bearish Sequence Favors More Downside
Preferred Elliott wave view in USDCAD suggests that the pair is showing a 5 swing bearish sequence from 12/28 high, favoring more downside. Short term, decline to 1.2965 ended Minor wave W and Minor wave X bounce is unfolding as a triple three where Minute wave ((w)) ended at 1.3102, Minute wave ((x)) ended at 1.2976, Minute wave ((y)) ended at 1.3135, Minute 2nd wave ((x)) ended at 1.307, and Minute wave ((z)) of X is expected to complete at 1.3208 - 1.324 area. Ideally wave X bounce does not pass above 1.3294, but more importantly as far as pivot at 1/20 high (1.3388) remains intact, expect pair to resume the decline to new low or at least pull back in 3 waves. We do not like buying the pair.
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