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USDCAD Looking Bullish All The Way – Elliott wave analysis

Hello traders, today’s article is going to be about USDCAD, its daily and 4h view. Let’s jump in.

On the daily chart of USDCAD we can see that price made a big converging price action within a wave 1 up from 2017; an Elliott wave leading diagonal which found a top at the 1.366 level and started reversing into a corrective retracement. We labeled a fully completed wave 2 corrections, which unfolded a zig-zag: an impulse in legs A) and C), and a triangle in a wave B). A low for the correction was later seen at the 1.294 level, from where a new rise started developing.  


Now on the 4h chart, we have a closer look of a completed impulse in C) of 2, and a strong recovery which can be a new five-wave move higher in progress. We are currently observing a wave 3 in action, which can face resistance/bearish turn into a temporary pullback (4) as part of an impulse near the Fib. the ratio of 200 and near the upper Elliott wave channel line (1.321/1.326 region).


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!