USDCAD: Intraday View

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USDCAD is higher, but for now still with three waves from Apr 12 low so we see that recovery as a corrective wave. Ideally it’s red wave 4) that retraced for 50% compared to wave 3) which is very typical in ending diagonals as pulblacks here are deeper compared to pullbacks within impulsive trend. As such, despite some solid recovery we think that price will turn back to the lows, for a three wave fall into red wave 5) that may reach 1.2700 this week.

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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.