USD/CAD Short-Term Elliott Wave Analysis: September 24, 2015
Current best reading of the USD/CAD Elliott Wave cycle suggests wave ((W)) ended at 1.3353. Decline from this level ended at 1.3 as wave ((X)). The rally higher from 1.3 is unfolding as a double three structure ((w))-((x))-((y)) where wave ((w)) ended at 1.33, wave ((x)) ended at 1.317, and wave ((y)) is in progress towards 1.338-1.34 to complete wave W.
Once wave W is confirmed complete, the pair is expected to pullback in wave X in 3, 7, or 11 swing ideally towards 50 – 61.8% retracement from 1.3 before the rally resumes. We don’t like selling the proposed pullback in wave X. As far as pivot at 1.3 stays intact during wave X pullback, we expect buyers to come and the pair to rally to new high.
USD/CAD 60-Minute Chart