USDCAD: Bearish reversal unfolding USDCAD has been trading aggressively lower in the last couple of weeks after a decisive break through the rising trendline connected from May of 2015 lows, which is an important evidence for a change in trend. That said, the price of USDCAD is likely to go even lower as we assume that this is now wave A/I; first wave of a minimum big three waves of decline from 1.4680 high. But nothing moves in straight lines so we need to be aware of a corrective bounce up in wave B/II which may retrace even to 1.3300-1.3450 once current blue wave five is finished, at 1.2500-1.2700 area. USDCAD, Daily USDCAD is higher in the last 12 hours but an open gap suggests that sooner or later the price will turn back down. Ideally, we will see a continuation lower into a red wave 5) that can represent a final leg within an ending diagonal as shown on the 4h chart, down from 1.3296. If we are correct, then the pair is in the late stages of a big impulse wave A/1 that can bottom this week, ideally around 1.2700. USDCAD, 4H Gregor Horvat Gregor Horvat Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on 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 Ew-forecast he helps clients and educates them about the Elliott wave principle 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. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power! View All Post By Gregor Horvat Daily Look share Read Next Will the oil spill continue affecting markets? Yohay Elam 6 years USDCAD: Bearish reversal unfolding USDCAD has been trading aggressively lower in the last couple of weeks after a decisive break through the rising trendline connected from May of 2015 lows, which is an important evidence for a change in trend. That said, the price of USDCAD is likely to go even lower as we assume that this is now wave A/I; first wave of a minimum big three waves of decline from 1.4680 high. But nothing moves in straight lines so we need to be aware of a corrective bounce up in wave B/II which may retrace even to 1.3300-1.3450… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
