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USD/CAD Bullish With Impulse Wave Structure – Elliott Wave

USDCAD is moving nicely to the upside, most likely trading higher within an impulsive structure after recent strong and sharp extended move up from 1.0580.

Based on the personality of the move and acceleration after the break out of the base channel, we suspect that the pair is in wave three of three, typically the strongest wave in the sequence.

However, we see some Fibonacci levels at 1.1200 and 1.1380 zone where pair may find a temporary resistance, but only temporary for a pullback down in black wave 4 to that base channel where the upper trendline may cause a new leg up on the pair.

usdcad jan 29 2014daily technical elliott wave analysis for currency tradersFurther reading: Canadian dollar forecast.

 

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!