Loonie may be at volatile crossroads

USD/CAD turned south two weeks ago  from above the 1.1200 resistance level where we called the end of a wave 3 that is part of an impulsive price action from 1.0170. We know that impulses are a five-wave pattern, and if we consider that larger trend on this pair is up, then we may suspect that retracement from the highs is probably just another correction within an ongoing uptrend. With that said, we labeled a pullback as wave 4 that may send prices up in wave 5 in the next week or two. We expect a new high as long as the pair trades above the 1.0700 invalidation level.

USDCAD Daily Elliott Wave Analysis

 

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