Morgan Stanley technical analysis (from Sheena Shah), a longer-term Elliot Wave look at the USD/CAD
I'm not a user of Elliot Wave myself, but I know its plenty popular. Any Elliot Wavers like to post up their interpretation? Charts can be posted in the comments easily if you wish - drag and drop with your comment!
USDCAD creating a new multi-year high above 1.29 keeps us bullish, and the next level we watch is the psychological 1.30.
After some resistance around here, we target 1.34 initially.
USDCAD is currently in a bullish C-wave.
The near-term structure is currently in a 3rd of a 3rd wave, which started from the low of 1.1920 in May.
