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Elliott Wave Analysis: USDCAD Showing First Signs Of Weakness; Maybe Bears Can Take Over

By: Gregor Horvat | Wednesday, May 17, 2017

On the Daily chart of USDCAD, we are looking at a seven leg correction that could be in final stages. That being said some weakness is already seen on lesser degree charts, which could mean a reversal may already be here. A new five wave movement into wave C or 3 may follow in weeks ahead.

USDCAD, Daily

USD/CAD Daily Chart

Regarding the 4h chart, we can see that USDCAD made a sharp and swift move to the downside two weeks back after an ending diagonal formed in wave 5) that confirmed a top near 1.3790. A nice drop is now in play, currently in third wave of a decline that can be wave 3 or C, but in both cases there is room for 1.3525. That being said, if price keeps falling, then wave 3 can be in motion, which can ideally reach the Fibonacci projection ratio for 261.8.

USDCAD, 4H

USD/CAD 4-Hour Chart

Video analysis on EURUSD, GBPUSD, USDCHF, USDCAD and Crude oil

 

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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