Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

USDCAD Elliott Wave View: Extending Higher

Short term Elliott Wave view in USDCAD suggest the decline to 1.322 ended Intermediate wave (NYSE:X). The rally from there is unfolding as a double three Elliott Wave structure where Minute wave ((w)) ended at 1.3525 and Minute wave ((x)) ended at 1.3406. Minute wave ((w)) is subdivided as a Flat Elliott wave structure where Minutte wave (NYSE:A) ended at 1.3338 and Minutte wave (NYSE:B) ended at 1.3258. Pair is currently within Minute wave ((y)) which is unfolding as a double three Elliott Wave structure where Minutte wave ( w ) ended at 1.3626 and Minutte wave ( x ) FLAT ended at 1.3526. Near term, while pullbacks stay above 1.3406, expect pair to extend higher towards 1.3714 - 1.3787 area to end cycle from 4/13 low before a larger pullback in 3 waves can be seen at minimum to correct cycle from 4/13 low. We don't like selling the proposed pullback.

USDCAD 1 hour Elliott Wave Chart 04/28/2017