Elliott Wave Analysis: USDCAD Intraday View

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USDCAD turned nicely down from 1.3385; clearly with five waves, so it can be time for a temporary change in trend. We are talking about an a-b-c bounce higher in wave 2 that usually retraces back to fourth wave resistance zone. In our case that’s at 1.3120-1.3168 from where new strong leg down may occur this week. Invalidation level is at 1.3385; as long as price keeps trading below this level, we are looking bearish.

 

 

USDCAD, 1H

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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.