USDCAD Bulls Taking Charge – Elliott wave analysis

March 28, 2020 Off By admin-445

Hello traders, USDCAD is trading in a third wave of a bigger, bullish cycle which started in September of 2017. We see a sharp recovery from the 1.2953 level that can be part of a higher degree wave 3, and its five-wave structure. Wave 3 as we know is an impulse. That said, before further gains may be seen, we still need to be aware of temporary pullbacks within the uptrend; ideally one is already in motion from the 1.467 high.
The whole wave 3 structure can later reach price target at the 1.47/1.48 zone where a temporary top may be seen. 
USDCAD, daily

Trade well,
The EW-Forecast team.