USDCAD : Recovery In View

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USDCAD fell down to 1.3380 area and has bottomed just few pips away from our wave 5=1 projected target. So far, we have seen nearly 80 pip bounce which could lead to larger recovery soon since we know that after every five waves, market will make a minimum three wave retracement. That said, we expect larger recovery for sure, even above 1.3548 by the end of the week.

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USDCAD, 1H

USDCAD 1

 

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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.