{"id":27790,"date":"2026-06-02T21:25:03","date_gmt":"2026-06-02T21:25:03","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&#038;p=27790"},"modified":"2026-06-02T21:25:04","modified_gmt":"2026-06-02T21:25:04","slug":"usdcad-2nd-wave-top","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/de\/education\/market-insights\/elliott-wave\/usdcad-2nd-wave-top\/","title":{"rendered":"USD\/CAD Elliott Wave: 2nd Wave Top"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>Executive Summary<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>USD\/CAD appears to be in the <strong>beginning stages of a third wave decline<\/strong> at multiple degrees of trend.<br><\/li>\n\n\n\n<li>Trend bias is <strong>bearish<\/strong>, with wave (iii) targets near 1.32 and possibly 1.28.<br><\/li>\n\n\n\n<li>A move <strong>above 1.3870<\/strong> would invalidate count as listed below and likely point towards the red alternate count.<\/li>\n<\/ul>\n\n\n\n<p>USDCAD has been consolidating near its recent highs. It is possible to count a completed rally and a bearish pivot to retest 1.3549.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Current Elliott Wave Analysis<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"671\" src=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/USDCAD_2026-06-02_16-17-43-1024x671.png\" alt=\"\" class=\"wp-image-27791\" srcset=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/USDCAD_2026-06-02_16-17-43-1024x671.png 1024w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/USDCAD_2026-06-02_16-17-43-300x196.png 300w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/USDCAD_2026-06-02_16-17-43-768x503.png 768w, https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/USDCAD_2026-06-02_16-17-43.png 1452w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The 4HR price chart shows USDCAD formed a potential <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/elliott-wave-theory\/\">Elliott wave<\/a><strong> bearish 5-3 pattern<\/strong>, beginning from the <strong>1.3967<\/strong> March 31 2026 swing high. The initial decline from <strong>1.3967 <\/strong>to <strong>1.3549<\/strong> is best counted as a bearish impulse pattern. This has been followed by a choppy and sloppy overlapping rally as a corrective bounce wave (ii).<\/p>\n\n\n\n<p>If this count is correct, then USDCAD may be on the beginning edges of declining in wave (iii). Third waves tend to be the longest and strongest of the Elliott wave sequence and this trend would have significant downside targets if correct.<\/p>\n\n\n\n<p>First, regarding the structure, the rally from <strong>1.3549<\/strong> has conformed nicely to a parallel price channel. USDCAD prices have been sitting consistently in either the top half of the channel or the bottom half with the purple dotted midline acting as <a href=\"https:\/\/alchemymarkets.com\/education\/guides\/support-and-resistance\/\">support and resistance<\/a>.<\/p>\n\n\n\n<p>After reaching the top of the channel at <strong>1.3869<\/strong>, prices have reversed immediately to the bottom support line and bounced back to the midline.<\/p>\n\n\n\n<p>The high from today at <strong>1.3854<\/strong> reached the 78.6% <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-retracement\/\">Fibonacci retracement<\/a> of the decline over the past week.<\/p>\n\n\n\n<p>This is a common wave relationship for a market that is in the process of reversing lower.<\/p>\n\n\n\n<p>Once wave (iii) gets going to the downside, the next <a href=\"https:\/\/alchemymarkets.com\/education\/indicators\/fibonacci-extensions\/\">Fibonacci extension<\/a> to keep an eye on is <strong>1.3206<\/strong> where (iii) would be 1.618 times (i). The next wave relationship is at <strong>1.2812<\/strong> where (iii) would be 2.618 times (i).<\/p>\n\n\n\n<p>The <strong>key level<\/strong> for this bearish forecast is last week\u2019s high of <strong>1.3870<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Bottom Line<\/strong><\/h2>\n\n\n\n<p>USDCAD remains positioned for a renewed downside trend from the 1.3870 high. Unless price breaks above <strong>1.3870<\/strong>, rallies remain corrective, with <strong>1.28 \u2192 1.32<\/strong> as the high-probability termination zone for wave (iii).&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>USDCAD Elliott Wave forecast: bearish impulse aims for 1.28 &#8211; 1.32 unless 1.3870 breaks.<\/p>\n","protected":false},"author":160,"featured_media":27797,"parent":0,"comment_status":"open","ping_status":"closed","template":"","market_insights_categories":[16],"class_list":["post-27790","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-elliott-wave"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>USD\/CAD Elliott Wave: 2nd Wave Top - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"USDCAD Elliott Wave forecast: bearish impulse aims for 1.28 - 1.32 unless 1.3870 breaks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alchemymarkets.com\/de\/education\/market-insights\/elliott-wave\/usdcad-2nd-wave-top\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"USD\/CAD Elliott Wave: 2nd Wave Top - Alchemy Markets\" \/>\n<meta property=\"og:description\" content=\"USDCAD Elliott Wave forecast: bearish impulse aims for 1.28 - 1.32 unless 1.3870 breaks.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/usdcad-2nd-wave-top\/\" \/>\n<meta property=\"og:site_name\" content=\"Alchemy Markets\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-02T21:25:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/USDCAD-Elliott-wave-featured-image-june-2-2026-1024x559.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"559\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Gesch\u00e4tzte Lesezeit\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 Minuten\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"USD\/CAD Elliott Wave: 2nd Wave Top - Alchemy Markets","description":"USDCAD Elliott Wave forecast: bearish impulse aims for 1.28 - 1.32 unless 1.3870 breaks.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/alchemymarkets.com\/de\/education\/market-insights\/elliott-wave\/usdcad-2nd-wave-top\/","og_locale":"de_DE","og_type":"article","og_title":"USD\/CAD Elliott Wave: 2nd Wave Top - Alchemy Markets","og_description":"USDCAD Elliott Wave forecast: bearish impulse aims for 1.28 - 1.32 unless 1.3870 breaks.","og_url":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/usdcad-2nd-wave-top\/","og_site_name":"Alchemy Markets","article_modified_time":"2026-06-02T21:25:04+00:00","og_image":[{"width":1024,"height":559,"url":"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/USDCAD-Elliott-wave-featured-image-june-2-2026-1024x559.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Gesch\u00e4tzte Lesezeit":"3 Minuten"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/usdcad-2nd-wave-top\/","url":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/usdcad-2nd-wave-top\/","name":"USD\/CAD Elliott Wave: 2nd Wave Top - Alchemy Markets","isPartOf":{"@id":"https:\/\/alchemymarkets.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/usdcad-2nd-wave-top\/#primaryimage"},"image":{"@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/usdcad-2nd-wave-top\/#primaryimage"},"thumbnailUrl":"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/USDCAD-Elliott-wave-featured-image-june-2-2026-scaled.png","datePublished":"2026-06-02T21:25:03+00:00","dateModified":"2026-06-02T21:25:04+00:00","description":"USDCAD Elliott Wave forecast: bearish impulse aims for 1.28 - 1.32 unless 1.3870 breaks.","breadcrumb":{"@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/usdcad-2nd-wave-top\/#breadcrumb"},"inLanguage":"de-DE","potentialAction":[{"@type":"ReadAction","target":["https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/usdcad-2nd-wave-top\/"]}]},{"@type":"ImageObject","inLanguage":"de-DE","@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/usdcad-2nd-wave-top\/#primaryimage","url":"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/USDCAD-Elliott-wave-featured-image-june-2-2026-scaled.png","contentUrl":"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2026\/06\/USDCAD-Elliott-wave-featured-image-june-2-2026-scaled.png","width":2560,"height":1396},{"@type":"BreadcrumbList","@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/elliott-wave\/usdcad-2nd-wave-top\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/alchemymarkets.com\/"},{"@type":"ListItem","position":2,"name":"Market Insights","item":"https:\/\/alchemymarkets.com\/education\/market-insights\/"},{"@type":"ListItem","position":3,"name":"USD\/CAD Elliott Wave: 2nd Wave Top"}]},{"@type":"WebSite","@id":"https:\/\/alchemymarkets.com\/#website","url":"https:\/\/alchemymarkets.com\/","name":"Alchemy Markets","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/alchemymarkets.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"de-DE"}]}},"_links":{"self":[{"href":"https:\/\/alchemymarkets.com\/de\/wp-json\/wp\/v2\/market_insights\/27790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alchemymarkets.com\/de\/wp-json\/wp\/v2\/market_insights"}],"about":[{"href":"https:\/\/alchemymarkets.com\/de\/wp-json\/wp\/v2\/types\/market_insights"}],"author":[{"embeddable":true,"href":"https:\/\/alchemymarkets.com\/de\/wp-json\/wp\/v2\/users\/160"}],"replies":[{"embeddable":true,"href":"https:\/\/alchemymarkets.com\/de\/wp-json\/wp\/v2\/comments?post=27790"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alchemymarkets.com\/de\/wp-json\/wp\/v2\/media\/27797"}],"wp:attachment":[{"href":"https:\/\/alchemymarkets.com\/de\/wp-json\/wp\/v2\/media?parent=27790"}],"wp:term":[{"taxonomy":"market_insights_categories","embeddable":true,"href":"https:\/\/alchemymarkets.com\/de\/wp-json\/wp\/v2\/market_insights_categories?post=27790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}