USDCAD: Correction Within Uptrend; Possible Reversal Around 1.2750


USDCAD is turning up strongly this month from 1.2460 with more than 400pips bounce so far, which is not a surprise at all. Keep in mind that such sharp reactions are very common after a completed ending diagonal. Well, usually when this pattern is finished price will tend to return back to the start point of the pattern which in our case is near 1.3180. This is far away so we expect more gains after current pullback is finished which can be more complex than at first sight. We are tracking now an A-B-C decline in wave 2) where price can again retest an important 1.2750 area from where we expect a turn up this week.

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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 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.