Interesting Pattern on USDCAD Points Up
Updated
Hello traders!
USDCAD is unfolding a bearish impulse, down from 1.371 level, which can be in final stages. We specifically see an Elliott wave ending diagonal underway within a wave v of a bigger, bearish impulse, which can look for a low, support, and a bounce at the 1.313/1.309 level. A sharp recovery, and break above the upper Elliott wave ending diagonal line, and above the upper Elliott wave channel line will suggest a low in place, and a bullish turn in minimum, three waves underway.
Trade well,
the EW-forecast team
USDCAD is unfolding a bearish impulse, down from 1.371 level, which can be in final stages. We specifically see an Elliott wave ending diagonal underway within a wave v of a bigger, bearish impulse, which can look for a low, support, and a bounce at the 1.313/1.309 level. A sharp recovery, and break above the upper Elliott wave ending diagonal line, and above the upper Elliott wave channel line will suggest a low in place, and a bullish turn in minimum, three waves underway.
Trade well,
the EW-forecast team
Note
USDCAD is at the lows, so bears may slowly start losing control. That said, 1.305/1.300 region can be possible reversal zone for the pair. Once a low is in place, and we also see a strong recovery above 1.324 level, that is when bulls can be underway.
Explore our services
👉wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
👉wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.