USDCAD has broken above 11/29/2018 high (1.336) as well as above 6/27/2018 high (1.3386) creating an incomplete bullish sequence. Short term Elliott Wave view suggests the rally to 1.336 on 11/29 ended blue wave (W) and the pullback to 1.3157 ended blue wave (X). Internal of blue wave (X) unfolded as a zigzag Elliott Wave structure where red wave A ended at 1.324. Red wave B bounce ended at 1.333, and red wave C of (X) ended at 1.3157 low.
Up from 1.3157, pair has made a new high above blue wave (W) at 1.3157, suggesting the next leg higher has started. The rally is unfolding as a 5 waves impulse Elliott Wave structure where black wave ((i)) ended at 1.322 and black wave ((ii)) ended at 1.316, wave ((iii)) at 1.3445 and wave ((iv)) pullback at 1.3378. WE Expect pair to do 1 more leg higher to end the 5 waves impulse and complete red wave A of larger degree. Pair should then pullback in red wave B to correct cycle from 12/3/2018 low in 3-7-11 swing before the rally resumes.