USD/CAD in a bullish correction - Elliott wave analysis

Gregor Horvat Wavetraders

USDCAD is in a five-wave recovery up from January lows, unfolding a big, bullish impulse. Latest weakness which is unfolding can be only a temporary pullback within the bigger, bullish trend; a wave 4), which can look for support at the 1.40/1.38 zone. A strong recovery, and a break above the upper corrective channel line will be bullish for the pair.

USD/CAD, 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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