USDCAD Bulls Taking Charge – Elliott wave analysis

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Hello traders, USDCAD is trading in a third wave of a bigger, bullish cycle which started in September of 2017. We see a sharp recovery from the 1.2953 level that can be part of a higher degree wave 3, and its five-wave structure. Wave 3 as we know is an impulse. That said, before further gains may be seen, we still need to be aware of temporary pullbacks within the uptrend; ideally one is already in motion from the 1.467 high.

The whole wave 3 structure can later reach price target at the 1.47/1.48 zone where a temporary top may be seen. 

USDCAD, daily

Trade well,

The EW-Forecast team.

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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 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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