USDCAD was the mover of the day on Friday as the pair rallied straight up to 1.0800 after a break out of a triangle that we were tracking for a whole week. Well, we are now tracking wave (v) here that should be made by five smaller waves, which means that more upside could follow in the next few sessions, as we see a current slow intraday price action as one of a fourth wave with wave iii).
USDCAD reached the upside projected levels at 1.0970 after a break out from a triangle yesterday. We see the pair now in the final stages of wave v) of (iii) so be aware of a bearish reversal in the sessions ahead. But, keep in mind that any downward move will be temporary and part of a correction within the big uptrend.
USDCAD 1h Elliott Wave Analysis
24 Nov 2014
Commodity currencies are strong, but still not bullish on the bigger trend. All we see are deep corrections, and the one on USDCAD can already be in the late stages. We are looking at wave (c) now that can make another low at 1.1180 or even 1.1100. But, we suspect that sooner or later the pair will find support and send the price up, into a new bullish impulse. USDCAD 1h Elliott Wave Analysis