Elliott Wave Forecast: USDCAD Seeks Corrective Pullback

By: Gregor Horvat | Thu, Jun 12, 2014
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On USDCAD we are tracking a deep but still corrective price action from start of the year. We are looking at wave 4) that is part of an big impulsive rally from a weekly chart. Usually fourth waves will find a support around 28 or 50% retracement level compared to wave 3) which in our case comes in around 1.0730. As such, we see pair now trading down within final stages of a corrective retracement, so we need to be aware of a bullish reversal, probably at the start of June.

USDCAD Daily Elliott Wave Analysis

USDCAD Daily Elliott Wave Analysis Chart

USDCAD Four Hour

USDCAD may continue lower in June as rally from early May can be finished flat correction with its 3-3-5 structure. The reason is recent reversal down from 1.0958 that looks like an impulse in progress after recent extensions down from 1.0920. We suspect that market will re-test levels from early May and possible move down towards 1.0750.

USDCAD 4h Elliott Wave Analysis

USDCAD 4-Hour Elliott Wave Analysis Chart


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Gregor Horvat

Author: Gregor Horvat

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 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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