Short-term Elliottwave sequence in USDCAD is showing a 5 swing bearish sequence from 1/20 high, suggesting more downside is likely. Decline to 1.2965 ended Minor wave W and Minor wave X bounce is unfolding as a double three where Minute wave ((w)) ended at 1.3102, Minute wave ((x)) ended at 1.2976, and Minute wave ((y)) of X is proposed complete at 1.3136. Near term, while bounces stay below 1.3136, but more importantly as far as pivot at 1/20 high (1.3388) remains intact, expect USDCAD to resume lower. If pair breaks above 1.3136, it can be doing a FLAT correction from 1/31 low and extend one more leg higher towards 1.3144 – 1.3196 area in Minutte wave (v) of ((c)) before wave X bounce is complete. Even in the event that pair breaks above 1.3136, pair is still expected to resume to new low as far as pivot at 1.3388 stays intact. We don’t like buying the pair.At Elliottwave-Forecast, we offer 24 hour coverage of 52 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Trial to sample everything we have to offer.