Elliott Wave Analysis: USDCAD Trading Lower; Now In Wave A

Gregor Horvat Wavetraders

USDCAD is turning down sharply from a new high that was reached at the end of December near 1.3600. Price fell nicely beneath 1.3400 and continued towards the 1.3177 level, where recent overlapping and slow price activity suggest price trading in wave 4 that could unfold as a triangle correction. As such more weakness may be in for the pair, after this correction unfolds with five sub-waves.

USDCAD, 4H

Author

Gregor Horvat

Wavetraders

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

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