Elliott Wave Forecast For USDCAD: Price Could Extend Up To 1.0650

On USDCAD we are tracking an impulsive price action from around 1.0280 which is still incomplete as we need five waves to the upside. In fact, in this week we have seen only a three wave set-back from the latest swing high which is a corrective structure, so we think that larger uptrend will resume soon so we labeled current retracement as wave 4, which means that we expect another push higher, into wave 5 that will be targeting 1.0620/1.0650. This bullish leg could start soon if we consider that pair already reached a very typical 38.2% retracement area for fourth waves.

Written by http://www.ew-forecast.com
Try EW-Forecast.com’s Services Free for 7 Days

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com