Euro Is a Better Buy against the Cad Rather than

Euro is trading higher, showing signs of life after the Spanish government approved additional spending cuts to help achieve deficit target as noted here.

For those who want to take advantage of the Euro moves, should take a look on some crosses and go away from the US dollar noise, as Euro has been trading much better lately against the Canadian dollar and others.

The wave count on eur/cad is still pointing higher as shown on the chart below! Pair remains bullish as the most recent price action appears corrective around the top, likely a fourth wave triangle from where bullish break should occur in the near term, and send pair towards 1.44/45.

The triangle pattern contains five waves that subdivide 3-3-3-3-3 and are labeled A-B-C-D-E, and occurs just prior to the final move in the larger pattern. In our case black wave 5 will be the final wave, so watch out for reversal signs once wave 5 progresses.

Guest post by Gregor Horvat

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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!

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