• 1 day El Salvador’s Surprise Bitcoin Move
  • 4 days Markets Unfazed As Inflation Hits 13-Year High
  • 5 days How the Token Economy is Disrupting Financial Markets
  • 7 days FBI Investigating 100 Types Of Ransomware Attacks
  • 9 days Fed Ends Corporate Credit Emergency Lending Program
  • 11 days AMC Becomes the Latest Winning Meme Stock After GameStop
  • 13 days The Real Reason Your 401k Has Been Lagging
  • 13 days China Lifts Cap On Births, Allows Three Children Per Couple
  • 15 days The Market Is Ripe For Another GameStop Saga
  • 18 days Senate Grills Big Banks Over Pandemic Opportunism
  • 20 days Cannabis Has A Major Cash Problem
  • 20 days Ransomware Netted Criminals $350M In 2020 Alone
  • 21 days Russia Is Taking On Google
  • 22 days Chinese Regulators Deal Another Big Blow To Bitcoin
  • 23 days Ohio Residents Brave Vaccine for Chance To Win $1M
  • 25 days Inflation Is Coming. Are You Prepared?
  • 26 days Travel Might Get Another Supersonic Disruption
  • 27 days The World Is Running Out Of 6 Key Resources
  • 28 days $15/Hour Minimum Wage Might Happen Naturally
  • 30 days Money-Laundering Binance Probe Report Adds To Bitcoin Woes
The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

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…

Contact Author

  1. Home
  2. Markets
  3. Other

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

 


If you like our trading analysis, you can visit our website at --> www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment