USD/CAD remains bearish at the displayed 1.40239, following a sustained decline from the green wave V and red A peak. The Elliott Wave count preserves the labeled corrective structures, including purple (a)–(e), blue subdivisions, and green iv–V. Since October 23, price has continued lower from 1.39825 initially reaching the annotated 1.39685 downside level before recovering to 1.40239. The chart projects a corrective rebound toward approximately 1.4090, followed by renewed weakness toward 1.4050. A sustained break below 1.39685 would reinforce the broader downward trend, while recovery above the annotated 1.42999 invalidation level would challenge the bearish interpretation.
Technical Summary of USD/CAD Price for October 26, 2026
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Trend: Bearish.
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Current Elliott Wave: Decline following green V/red A; no new subdivisions labeled.
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Key Support Levels: 1.39685 (annotated downside reference); 1.4000 (nearby price area).
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Key Resistance Levels: Approximately 1.4090 (projected rebound); 1.42999.
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Next Price Target: Approximately 1.4090 rebound, followed by 1.4050; below 1.39685 if selling resumes.
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Invalidation Level: 1.42999 (annotated).
Trader's Question: Can USD/CAD rebound without reversing its bearish trend?
A recovery toward 1.4090 could remain corrective, while a subsequent rejection would support renewed downside pressure.