USDCAD is moving sharply to the upside for the last couple of weeks since pair managed to move above 1.0660 resistance zone, back from 2011. Sharp and big move in short period of time like this one on USDCAD usually occurs in the middle of wave three of an impulsive price action. As such we adjusted the wave count and around now tracking an incomplete five wave recovery, either in wave (C) or (3). In both cases we expect higher levels, up to 1.1600/1.1700 as long as 1.0600 level holds.

USDCAD Weekly Elliott Wave Analysis

USDCAD Daily

USDCAD seems to be trading in the middle of an impulsive red wave 3) from a weekly chart that needs to be made by five subwaves. That's still not the case from 1.0177 swing region so we expect to see even higher prices in 2014. At the moment we are tracking a subwave 3 that may stop around 1.1200 figure.

USDCAD Daily Elliott Wave Analysis

USDCAD 4h

USDCAD has moved to a new high as expected, into the final stages of blue wave (v) that may completed a black wave 3 around 1.1200 figure. At the same time we also see a signs of a bearish divergence on the RSI that usually occurs at late stages of extended structure so we must be aware of a reversal, but only temporary into another corrective phase.

USDCAD 4h Elliott Wave Analysis

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