Guest Commentary: 2 Price Action Scenarios for USD/CAD

The latest chart of USDCAD is showing five waves up from the 1.0949 low. We are labeling it as part of a running flat correction and expect the pair to turn lower and put in new lows below 1.0949 and 1.0905.

The alternate view, however, is that the five waves up wer part of a larger wave ((a)), and if so, USDCAD would be poised to trade higher after three swings lower to the 1.1026 - 1.1050 region.

By Daud Bhatti of Elliottwave-Forecast.com