USD/CAD: Price Could Extend Up To 1.0650 (Elliott Wave

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On USDCAD we are tracking an impulsive price action from around 1.0280. This is still incomplete as we need five waves to the upside.

In fact, during this week we have seen only a three wave set-back from the latest swing high which is a corrective structure, so we think that a larger uptrend will resume soon.

So, we labeled the current retracement as wave 4, which means that we expect another push higher, into wave 5 that will be targeting 1.0620/1.0650.

This bullish leg could start soon if we consider that the pair already reached a very typical 38.2% retracement area for fourth waves.

usdcad 29_2013 4h chart Elliott Wave Analysis for currency trading forex

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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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