USDCAD Remains Bullish: Elliott Wave Forecast

USDCAD 4h Elliott Wave Analysis
USDCAD moved to a new high last week after an impulsive rally and break out of a triangle. We see pair now in continuation mode, moving up in wave 5 that should be made by five waves. Our target on a daily chart is around 1.1400 so we see room for more upside. Therefore we think that current retracement from latest high is just a temporary short-term reversal; a correction as part of ongoing uptrend. With that in mind, we expect a move up to resume in this week, ideally from around 1.1150/70 area where former swing highs may turn into a support. Trend remains up as long as 1.1025 support is not breached.

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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 He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: