Short term Elliott Wave view in USDCAD suggests the decline to 1.322 ended Intermediate wave (X). Revised view suggests that 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 Minute wave (a) ended at 1.3338 and Minute wave (b) ended at 1.3258.

Near term, the pair is within a Minute wave (x) pullback to correct the cycle from the 4/24 low in 3, 7, or 11 swing before the rally resumes.

We don’t like selling the proposed pullback and expect buyers to appear once wave (x) pullback is complete in 3, 7, or 11 swing as far as pivot at 1.3406 stays intact.

USDCAD 1 hour Elliott Wave Chart 04/26/2017