EURCAD and GBPCAD – Elliott Wave analysis


Hi traders,

As expected, EURCAD turned nicely lower from projected resistance level after a three-wave a-b-c recovery, so be aware of more weakness, while it’s trading below 1.5584 invalidation level, especially if price breaks beneath channel support line and 1.5320 level.


Intraday EURCAD Chart

Just like EURCAD, even GBPCAD points lower as expected, so Canadian Dollar could stay strong. It’s already breaking lower and trading bearish into wave c/iii, so more weakness can be in play within a five-wave decline towards 1.70 or lower, as long as it’s trading below 1.7468 level.


Intraday GBPCAD Chart

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

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