USD/CAD: More Downside Below 1.338
Elliott Wave Forecast | Feb 07, 2017 05:53AM ET
Preferred Elliott wave view in USD/CAD 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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