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Elliott Wave Analysis: Bullish Structure On USDCAD

Elliott Wave Financial Service
By Elliott Wave Financial Service

USDCAD is trading nicely bullish, after a base was found for corrective wave 2 at the 1.2446 level. Current strong rally can be part of wave 3, the strongest and steepest wave, that is also usually the longest. Wave 3 can so approach levels near the 1.297 region, before a new temporary retracement as wave 4 shows up. At the 1.297 area, the upper base channel line and the Fibonacci ratio of 161.8 can offer resistance.

USDCAD, 4H

Elliott Wave Financial Service
Elliott Wave Financial Servicehttp://www.ew-forecast.com/
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