Interesting Pattern on USDCAD Points Up

Hello traders!

USDCAD is unfolding a bearish impulse, down from 1.371 level, which can be in final stages. We specifically see an Elliott wave ending diagonal underway within a wave v of a bigger, bearish impulse, which can look for a low, support, and a bounce at the 1.313/1.309 level. A sharp recovery, and break above the upper Elliott wave ending diagonal line, and above the upper Elliott wave channel line will suggest a low in place, and a bullish turn in minimum, three waves underway.

Trade well,

the EW-forecast team

Kommentera:

USDCAD is at the lows, so bears may slowly start losing control. That said, 1.305/1.300 region can be possible reversal zone for the pair. Once a low is in place, and we also see a strong recovery above 1.324 level, that is when bulls can be underway.