Elliott wave Analysis: USD/CAD At Interesting Resistance Zone; A Bearish Continuation in View

Gregor Horvat Wavetraders

Hi traders,

USDCAD made a sharp bearish reversal down from 1.366 level, an impulsive wave A) to be specific which looks to have found a base at the 1.318 level. A recovery that followed from the lows can be part of a temporary three-wave pullback labelled as wave B), which can retrace towards the 1.344 level(level of a former swing high) and there find resistance and make a reversal lower. Also, Fibonacci ratios of 38.2 and 50.0 can react as possible turning point zones for the pair.

USDCAD, 4h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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