Elliott wave VIDEO Analysis: USDCAD Looking Bearish; 1.306 Area Can Be Targeted

Intermediate

Hi traders,

USD/CAD is dropping sharply from the 1.346 high, giving us an idea that a bigger three-wave rally within higher degree wave B) can be completed, and that a new minimum three-wave A/1-B/2-C/3 drop is in play. Current impulsive weakness can look for support near the 1.323 level, level of a former swing high from where corrective wave B/2 can follow. Once the following wave B/2 correction fully unfolds, that is when more weakness may be seen.

USDCAD, 4h

USDCAD Chart 2019-03-19

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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