• 17 hours The Problem With California's Electric Dream
  • 1 day TikTok’s 11th-Hour Reprieve
  • 2 days Wealthy Investors Have Been Fleeing Stocks Since April
  • 3 days Thorium Could Kickstart A New Nuclear Boom
  • 3 days Is A Massive Gold Rally On The Horizon?
  • 4 days Can Tesla Really Produce A $25,000 Self-Driving Electric Car?
  • 4 days Gold Miners Brace For Seasonal Downturn
  • 5 days The Silver Plunge Continues
  • 5 days 7 COVID Vaccine Stocks To Plan Upside Moves
  • 6 days Rhodium Climbs Reaches Record Highs
  • 6 days Tesla Tumbles After Battery Day Fails To Impress
  • 7 days Three Energy ETFs To Watch This Decade
  • 7 days What To Do With $2 Trillion In Suspicious Bank Transactions?
  • 8 days How The Stock Market Predicts Electoral Victory
  • 9 days Tesla's "Battery Day" Could Deal A Blow To Cobalt Miners
  • 9 days New TikTok Deal Hopes To Bypass National Security Concerns
  • 10 days Where Will Gold Go From Here?
  • 10 days COVID-19 Is Fueling A Pastic Waste Crisis
  • 11 days Gold Output Set To Decline
  • 12 days Uber And Lyft Look To Go Electric
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

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

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

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

 

Back to homepage

Leave a comment

Leave a comment