USD/CAD dropping, before bulls step in! - Elliott Wave Analysis

Gregor Horvat Wavetraders

Good morning traders,

USDCAD is still falling, and it broke perfectly below the lower trendline, connected from the 1.313 area, which put our second count from last week into action. We are now tracking a big wave C lower, which is an impulse and must unfold five legs, before we may see support and a bullish turn; wave iv correction can be next to unfold, before downtrend into wave C resumes.

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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