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USDCAD: Correction Appears Complete, New Highs In View (Elliott

USDCAD is now reversing higher again after only three legs down to the 1.0260 area where we see evidences of a completed corrective pull-back, labelled as A-B-C ,called a zig-zag.

Notice that the rally from 1.0260 is sharp and now already testing upper trend-line of a corrective channel. A break here is in view and that may lift pair up to 1.0500.

USDCAD Elliott Wave Analysis Technical View for Currency Trading forex

What is a zig-zag?

A zig-zag Elliott Wave pattern is a corrective pattern is labeled with letters and moves against the larger trend.  It’s a 3-wave structure labeled A-B-C, generally moving counter to the larger trend.

It is one of the most common corrective Elliott patterns.

zig-zag Elliott Wave Pattern explained

 

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!