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Gregor Horvat

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for…

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USDCAD Is Expected To Move Higher After Any Corrective Pullback

USDCAD has turned sharply down at the start of October but not for long. Notice that price found a support in October, at the rising trendline connected from 1.1920. Since then pair has been progressing within uptrend which nowlooks like a wave 5) that is headed back to the highs of 2015.

USDCAD, Daily

USDCAD Daily Elliott Wave Chart

On the lower time frame, USDCAD turned lower in the last 12 hours so looks like that pair is in a new corrective set-back. An uptrend count shows five waves up from 1.3038 that is now labeled as a wave (i) so downward reaction can still be wave (ii) then as part of an uptrend. If that is the case then support can be found around 1.3220. Invalidation level is now at 1.3038; we would turn bearish only beneath this price.

USDCAD, 4H

USDCAD 4-Hour Elliott Wave Chart

 


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