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Daily Elliott Wave Forecast: USDCAD, AUDUSD, BTCUSD (05.01.2022)

Loonie has more room to the upside as its structure suggests it’s about to kick off an impulse wave 3 of a 5-wave impulse in a higher degree wave (3). However, in the short-term, downside risks remain natural as the correction in wave 2 might not be complete as of yet.

Aussie seems bullish in the short-term; however, corrective. Despite 0.72870 forming resistance, another upside leg in (B) might end the correction, triggering a big selloff that could slide below 70c.

Bitcoin remains biased to the downside but stubbornly in a consolidation likely to break out reasonably soon. Hinting at a 5-wave impulse in C, BTCUSD is poised to correct lower. Will it be with or without an upside correction?

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