Elliott Wave Analysis: USDCAD Has An Unfinished Five-Wave Drop
Hello traders!
USDCAD came nicely down on the 4-hour chart with extended and strong drop from 1.2774, which has characteristics of wave 3 rather than C as the pair also moves very close to the typical 161.8% extension level. As such, we are aware of more weakness after the current consolidation that looks like wave 4, which can be a triangle or maybe more complex recovery to 1.2450 - 1.2500 for 38,2% Fibo. retracement, but in either case, we think that sooner or later bears for wave 5 will resume towards 1.22 - 1.21 area.
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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
USDCAD came nicely down on the 4-hour chart with extended and strong drop from 1.2774, which has characteristics of wave 3 rather than C as the pair also moves very close to the typical 161.8% extension level. As such, we are aware of more weakness after the current consolidation that looks like wave 4, which can be a triangle or maybe more complex recovery to 1.2450 - 1.2500 for 38,2% Fibo. retracement, but in either case, we think that sooner or later bears for wave 5 will resume towards 1.22 - 1.21 area.
Trade well!
If you like what we do, then please like and share our idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
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