USDCAD Elliott Wave Analysis: Impulse Up Near Ccompletion

By: Gregor Horvat | Tue, Dec 24, 2013
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USDCAD made new high last week around 1.0730 from where we could see a bearish reversal after five waves up in wave C). Keep in mind that after every five waves trend will reverse minimum in three legs, even if decline will be corrective. With that in mind, we expect to see lower USDCAD in the next few days maybe even weeks. Break of 1.0558 will put bearish trend in play.

USDCAD Daily Elliott Wave Analysis

USD/CAD Daily Chart

On 4h chart USDCAD reached new high at the end of last week at 1.0735 where larger pattern might have completed an uptrend on this pair. The reason is an ending diagonal in fifth wave which is a reversal pattern that suggests a retracement back to 1.0500/60 even if pullback will be only temporary and corrective. At the moment we see only one leg down so be aware of more weakness after a wave (ii)/(b) bounce to 1.0660/70.

USDCAD 4h Elliott Wave Analysis

USD/CAD 4-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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