Short-term Elliottwave sequence in USD/CAD 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 USD/CAD to res…