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

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 Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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