USDCAD is higher, but the pair could be in final stages of an uptrend in wave (iii) as we can count five waves up from 1.0000 with current fifth wave approaching to some key Fibonacci resistance levels around 1.0290.
USDCAD Elliott Wave Analysis – click image to enlarge
We know that after every five waves, a correction follows. So, a reversal from here would not be a surprise but a pull-back will be temporary blue wave (iv) that may retrace back to 1.0150-1.0200; wave four zone of one lesser degree.
Keep in mind that larger trend for USDCAD is up, so we will continue to look higher after a pull-back while 1.0087 invalidation level is not breached.
Sentiment table
|
Current Trend/Sentiment |
Directional Bias |
Strategy |
|
Up |
 
|
Stay aside; waiting on fourth wave
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