USDCAD Forecast

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

• Trend: Bearish.
• Current Elliott Wave: Decline following green V/red A; no new subdivisions labeled.
• Key Support Levels: 1.39685 (annotated downside reference); 1.4000 (nearby price area).
• Key Resistance Levels: Approximately 1.4090 (projected rebound); 1.42999.
• Next Price Target: Approximately 1.4090 rebound, followed by 1.4050; below 1.39685 if selling resumes.
• 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.

USD/CAD maintains a bearish outlook on the 4-hour chart, with the displayed price at 1.39825 following a sustained decline from the wave A and V completion area near 1.42999. The Elliott Wave count identifies the preceding corrective structure through waves (a)-(b)-(c)-(d)-(e), followed by a sharp downward reversal. Successive lower highs and lower lows confirm persistent selling pressure, while the decline toward the annotated 1.39685 level reinforces the bearish structure. The blue projection suggests a temporary rebound toward approximately 1.40300 before renewed weakness below 1.40000. A recovery above 1.40300 would delay the immediate decline, while 1.42999 remains the chart's broader invalidation reference.

Technical Summary of USD/CAD Price for October 23, 2026

• Trend: Bearish
• Daily Support Levels: 1.39685 (annotated); 1.39500 (approximate lower reference).
• Daily Resistance Levels: 1.40000 (near-term); 1.40300 (projected).
• Elliott Wave Patterns: Completed corrective (a)-(b)-(c)-(d)-(e) structure, followed by a bearish decline from the wave A/V area; 1.42999 is the annotated invalidation level.
• Trading Range: Projected downside zone 1.39500–1.39825.

Trader's Question: Can USD/CAD extend its decline after a temporary rebound?

The bearish market structure favors further weakness following a possible recovery toward 1.40300, although a sustained break below 1.39685 is needed to confirm fresh downside.