EURCAD, GBPCAD and GBPUSD Elliott Wave Opportunities

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EURCAD is trading slowly lower and something similar we can see on GBPCAD. Currently, we are tracking a correction in wave 4, which is trading within two corrective channel lines and approaching some interesting support levels. We are watching these two pairs very carefully and if we get a sharp bounce with five waves, then bulls for wave five can be confirmed.

EURCAD, 4h

GBPCAD, 4h

GBPUSD may have found a base for its corrective wave four at the 1.4145 level, which means current minor intra-day recovery can already be the start of a final wave 5 of five. If that is the case, then cable will become even stronger and push price, ideally towards the 1.4250-1.4305 area, where Fibonacci projections of 38.2 and 61.8 sit and can project end of a five-wave bullish cycle.

GBPUSD, 1h

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About Author

Grega 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 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 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!