- Bank of Canada surprises with a 25 basis point cut due to drop in Oil
- USD/CAD rockets higher on the news
- Potential extended 5th wave of the Elliott Wave sequence
Though the larger degree Elliott Wave count going back to 2007 could be debated, the recent price action suggests we are in an extended wave 5. There is a wave relationship that comes into play near 1.2550. The reaction, if any, at the 1.2550 price level will provide additional clues about the importance of that wave measurement.