Elliott wave Analysis: USDCAD Slowing for A Correction; More Gains in View

Gregor Horvat Wavetraders

Hi traders,

USDCAD unfolded a five-wave rally within wave three as part of an unfolding bullish impulse. This five-wave rally in three can be an indication of where the trend is likely going, and we expect it to slow down, and make a minor correction. This correction can be a wave iv, which can later look for support and a bullish reversal near the 1.335/1.330 region, from where final wave five can follow.

USDCAD, 1h

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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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