USDCAD Looks Bullish Long-Term! – Elliott wave (video)

Hello traders,

USDCAD fully unfolded wave IV as part of a bigger, bullish cycle up from 2011 lows, and proceeded to trade into a wave V. Wave V is also an impulse, so be aware of five legs to the upside, with first wave 1 already completed. We are now observing a wave 2 correction in progress, which can look for support/bullish turn near the Fib. ratio of 50.0/61.8 (1.30/1.25 region). Also, we labelled a possible Head&shoulder formation, which suggests a bounce near 1.30/1.25 region.

USDCAD, weekly

Trade well,

The EW-Forecat team.

Also, check our latest video on Crude oil and its connection with the S&P500. ->