Loonie may be at volatile crossroads

USDCAD Four-hour

USD/CAD did not cross the 1.1120 resistance yet so it seems that the pair is still moving south within an incomplete wave 4. Wave 4 is a corrective leg which can now form a complex correction with a test of 1.0950 yet to come. From a larger perspective our bias is still bullish because the larger trend is still up. We expect that sooner or later USD/CAD will turn up into wave 5, but a break of resistance at 1.1120 would be needed as confirmation.

 

USDCAD Four-hour Elliott Wave Analysis

 

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