USDCAD Elliott Wave Analysis: Wave 3 Near Top

USDCAD-Elliott-Wave-Analysis

USDCAD has moved to a new high as expected, into the final stages of blue wave (v) that may completed a black wave 3 around 1.1200 figure. At the same time we also see a signs of a bearish divergence on the RSI that usually occurs at late stages of extended structure so we must be aware of a reversal, but only temporary into another corrective phase.
USDCAD 4h Elliott Wave Analysis
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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