USDCAD Remains Bullish: Elliott Wave Forecast

881usdcad_mar_24_2014_4h

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 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