Completed Triangle Points Higher On USDCAD

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USDCAD fell down into wave E) at the start of the month, towards 1.2820 area where support was found; at the lower side of a range. Notice that reaction higher was very strong and powerful back above 1.3000, that is why we see it as an impulse. It could be the first wave within a new unfolding impulsive wave C-circled that can be now finally in play for 1.3400 area as big blue wave B triangle can be finished. That said recent intra-day weakness towards the 1.3052 zone may be corrective wave 2) in progress with probable support around the 50 or 61.8 Fibonacci ratio.

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USDCAD, 4H

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.