Automatic wave scan: as of 5 Nov 2026, the automatic daily count for USD/CAD is Wave 5 down with a bearish bias. The count stays valid while price holds 1.4299.
Current USD/CAD wave count
Automatic wave scan Updated daily from the latest daily close (5 Nov 2026). Computer generated from swing highs and lows, not reviewed by an analyst.
Automatic scan: price is in wave 5, the final leg of a five wave decline that began at 1.4248 on 24 Jun 2026. Next levels to watch are 1.3998 and 1.3947. The count fails on a daily close above 1.4299.
Key levels
| Type | Levels |
|---|---|
| Resistance | 1.4299 · 1.4248 |
| Support | 1.3760 · 1.3939 |
| Invalidation | 1.4299 |
What is USD/CAD?
The Canadian dollar is nicknamed the loonie after the loon bird on the one dollar coin. Canada is one of the largest oil producers in the world and sends most of its exports to the United States.
When oil prices rise, Canada earns more US dollars, which tends to strengthen the loonie and push USD/CAD down. The Bank of Canada meets eight times a year to set its policy rate.
What moves the USD/CAD price?
- Crude oil prices: Higher oil prices usually lower USD/CAD.
- Rate gap: The difference between Bank of Canada and Federal Reserve rates drives longer trends.
- Trade policy: Tariffs and trade talks with the US can move the loonie sharply.
- Jobs data: Canada and the US often release monthly jobs reports on the same day, which creates big moves.
How USD/CAD moves in Elliott Wave terms
USD/CAD often trades in wide ranges that form complex corrections, then breaks out when oil makes a major move. Comparing the USD/CAD count with the crude oil count helps confirm turning points.
Impulsive moves in USD/CAD tend to be shorter than in EUR/USD, so it is wise to take partial profits near the 1.0 and 1.618 extensions.
Tips for counting USD/CAD waves
Keep a crude oil chart open. Avoid new entries just before the joint US and Canadian jobs release.
USD/CAD key facts
USD/CAD Elliott Wave FAQ
Why is the Canadian dollar called the loonie?
The one dollar coin, introduced in 1987, shows a loon, a water bird common in Canada.
How does oil affect USD/CAD?
Canada exports a lot of oil. Higher oil prices bring in more US dollars and usually strengthen the loonie, pushing USD/CAD lower.
When is USD/CAD most active?
During the New York session, especially when US and Canadian data come out at 8:30 New York time.
Sources and further reading
- BIS Triennial Central Bank Survey of foreign exchange turnover (Bank for International Settlements)
- Policy interest rate (Bank of Canada)
- Federal Open Market Committee (Federal Reserve)
Educational content only. Nothing on this page is financial advice or a recommendation to buy or sell. Trading involves risk and you can lose money. Elliott Wave counts are probabilities, not certainties. Read our full disclaimer and affiliate disclosure.
