USD/CAD Can Reach 7-Month Low (0.9800) Elliott Wave Analysis

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The Canadian dollar was one of the strongest currencies yesterday, with USD/CAD falling sharply  lower after a swing reversal from 1.0032 where we believe that wave (ii) reached a peak.

Notice that decline is very sharp, which also broke and closed below corrective channel and base channel support as well.

This is indication for a third wave price action of a new impulsive bearish sequence headed now to 0.9800 projected zone for the first impulse.

USD CAD Elliott Wave Analysis April 18 2012

Guest post by Gregor Horvat

We are bearish while pair trades below 1.0032 swing high.

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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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