USDCAD Rate: USDCAD stood at 1.42392 on the four-hour chart at 8:13 AM New York time. The broader uptrend remains intact despite short-term consolidation.
USDCAD Elliott Wave Analysis
Wave iii appears complete near 1.42938, followed by a wave iv correction. The subsequent recovery shows waves (i) and (ii), with wave i potentially complete and wave ii developing as an A–B–C correction.
The chart projects another decline toward 1.4220 before an advance toward 1.4325.
- Wave Structure: Bullish impulse; corrective pullback.
- Trendline: Upward, with a descending corrective channel.
- Support: 1.4220, then 1.4200.
- Resistance: 1.42938, then 1.4325.
A reversal above 1.4220 would support renewed bullish momentum. Breaking below 1.4200 would challenge the immediate wave count.
USDCAD News: Canada’s weak September employment figures and falling oil prices have pressured the Canadian dollar. US inflation data is due October 14, potentially shifting Federal Reserve expectations.