USDCAD Is Expected To Move Higher After Any Corrective Pullback

By: Gregor Horvat | Thu, Nov 19, 2015
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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 now looks 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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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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