USDCAD in the almost completed 5 wave fall. We see more downside in the 5 wave. On larger time frame we are looking for a 3-3-5 flat corrective pattern. That means we will still stay bullish on this pair. In any case we will see 3 waves up after this fall completes.
A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott pattern.
Basic Flat Pattern :
USDCAD, 1h :