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USDCAD Could Bounce From The Lows

USDCAD 4h Elliott Wave Anlaysis

On USDCAD we were tracking wave C) as part of a contra-trend move in wave (4). That said, we are still looking on the bullish side of the USDCAD, especially now when we see the pair reversing from the lows, after wave 5. The pair turned nicely, but still needs a breakout above the former swing highs before we can completely confirm the end of a bearish trend. At the same time keep an eye on crude oil; a reversal down will support USDCAD.

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