Elliott Wave Analysis: USDCAD Looking For A Reversal

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USDCAD is still turning sharply down from a new high that was reached at the end of December near the 1.3600 level. This impulsive drop we labeled as an ongoing wave 1) or A) so more weakness with even stronger decline should follow after wave 2)/B) recovery, which can be now making an expanded flat correction based on recent rally to around 1.3354 level. If that is the case, then wave C of 2)/B) could ideally make a reversal lower around the 61.8 Fibonacci projection level.

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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.