Short-term Elliott wave view in USDCAD suggests that the decline from September 20, 2021, high is unfolding as an impulse structure favoring some more downside. Down from 9/20/2021 high, wave ((i)) ended in 5 waves at $1.2590 low. Wave ((ii)) ended at $1.2774 high, and wave ((iii)) ended in 5 waves at 1.2309 low. Then above from there, the pair made a bounce in wave ((iv)) in a shorter cycle. The internals of that bounce unfolded as a double three structure.

Whereas the initial 3 waves bounce to $1.2383 ended wave (w). Then a pullback to $1.2318 low ended wave (x). Up from there, the pair started the (y) leg higher & reached the 100%-161.8% Fibonacci extension area of (w)-(x) at $1.2416- $1.2476 blue box area. The pair got rejected within the blue box area & ended (y) leg at $1.2431 high thus completing the wave ((iv)) bounce. Below from there, we believe wave ((v)) has started lower where lesser degree wave (i) ended at $1.2297 low. And wave (ii) ended at $1.2382 high. Near-term, as far as bounces fail below $1.2382 high and more importantly below $1.2431 high the pair is expected to see more downside towards $1.2248- $$1.2191 inverse 123.6%- 161.8% Fib ext area of ((iv)) minimum. Before the pair completes its 5 waves impulse sequence from 9/20/2021 high & does a bounce.

USD/CAD 1 Hour Elliott Wave chart

USDCAD

USD/CAD Elliott Wave video

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD holds losses near 1.1350 as US Dollar gains on US-China trade optimism

EUR/USD holds losses near 1.1350 as US Dollar gains on US-China trade optimism

EUR/USD consoldiates losses near 1.1350 in European trading on Friday. Broad US Dollar resurgence on optimism surrounding the US-China trade war de-escalation keeps the he pair  undermined. Trade talks and US data remain in focus. 

EUR/USD News
GBP/USD stays pressured near 1.3300 after UK Retail Sales data

GBP/USD stays pressured near 1.3300 after UK Retail Sales data

GBP/USD remains under moderate selling pressure near 1.3300 despite the upbeat UK Retail Sales data for March. The pair feels the heat of the solid US Dollar rebound, aided by a Bloomberg report, which indicated China may suspend its 125% tariff on select US imports. 

GBP/USD News
Gold drops below $3,300 with traders buying into Trump's comments on talks with China

Gold drops below $3,300 with traders buying into Trump's comments on talks with China

Gold price is seeing more profit taking this Friday, erasing all of Thursday’s gains, and looks set to close off this week in the red. The move down comes amid increasing confusion on what is the status of the trade conflict between the United States and China, with the US President giving the impression that talks are taking place and China denying it.

Gold News
Ethereum: Accumulation addresses grab 1.11 million ETH as bullish momentum rises

Ethereum: Accumulation addresses grab 1.11 million ETH as bullish momentum rises

Ethereum saw a 1% decline on Friday as sellers dominated exchange activity in the past 24 hours. Despite the recent selling, increased inflows into accumulation addresses and declining net taker volume show a gradual return of bullish momentum.

Read more
Five fundamentals for the week: Traders confront the trade war, important surveys, key Fed speech

Five fundamentals for the week: Traders confront the trade war, important surveys, key Fed speech Premium

Will the US strike a trade deal with Japan? That would be positive progress. However, recent developments are not that positive, and there's only one certainty: headlines will dominate markets. Fresh US economic data is also of interest.

Read more
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

Majors

Cryptocurrencies

Signatures

Best Brokers of 2025