FX.co ★ Elliott wave analysis of USD/CAD for March 1, 2022

USD/CAD is locked inside a large descending channel, that began way back in 2002. However more downside pressure is needed as wave C declines to sub-par levels. Ideally wave 3 of C will fall to 0.8833 and be followed by a multi week consolidation before the final decline to 0.7642 to complete the corrective decline and set the stage for a new bullish rally, but that is many month out before that happens and our focus should remain towards the downside and a break below minor support at 1.2453 will confirm the next impulsive decline is unfolding.