EURCAD and GBPCAD – Elliott Wave analysis

Intermediate

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.

EURCAD, 1h

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.

GBPCAD, 1h

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 TheLFB.com.

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

Comments on this analysis

Your email address will not be published. Required fields are marked *


Latest Related News

The Pound Forecasts into May

GBPUSD, EURGBP, GBPCHF, GBPJPY, GBPCAD, GBPAUD and GBPNZD forecasts In this article we are going to have a special focus on the GB Pound in the wake of the significant price action seen across financial markets since the global spread of the COVID-19 coronavirus in March and April. Alongside the volatility exhibited throughout global stock markets, the Forex markets have seen notable price movements, with… Continued

Pound is in breakout mode (GBP)

The UK election is over, the Pound is in breakout mode against a variety of currencies (GBPUSD, EURGBP, GBPCHF, GBPAUD, GBPNZD, GBPCAD).US Dollar in bigger range highlighted by the US Dollar Index (DXY) Continued

Forex markets tend to reverse/ accelerate into holidays

US Dollar Index closes right at final key resistanceEURUSD not as negative as US Dollar Index is positiveGBPUSD vulnerable NZDUSD negative signal, poised at key supportEURCAD long exited  Continued

Euro breaks down, GBPCAD threatens upside

US Dollar Index holds support and reboundsEURUSD seeds multiple negative signals, downside risksGBPUSD sends buy signalGBPCAD sets up more bullishAUDUSD negative and USDCAD buy signalUSDTRY and USDBRL surge Continued

Pound bullish across the board

US Dollar Index bear risks;  falters from resistance, poised at key support zone EURUSD positive bias GBPUSD support rebound, upside risks EURGBP capped by prior support as resistance, bear threat GBPAUD, GBPNZD, GBPCAD and GBPJPY upside risks Continued

Forex Brokers in your location


SIGN UP

79% of retail investor accounts lose money


SIGN UP

79,3% of retail investor accounts lose money


SIGN UP

74,9% of retail investor accounts lose.


SIGN UP

75% of retail investor accounts lose money when trading CFDs with this provider.