Hello traders,
USDCAD started rallying from the 1.3318 low, indicating that wave C) of a higher degree is completed, and that a minimum three-wave turn is underway.
We labelled a completed leg A/1 and B/2 as part of a reversal, so current rally from 1.348 swing low can be part of wave C or 3. In case of wave C price can target area at Fib. ratio of 100.0 (1.385 level), where wave A would equal wave C in length, and price would turn lower. However, in case of wave 3, price can reach area at Fib. ratio of 161.8 (1.40 level), and turn lower only for a temporary setback as part of a bullish reversal.
Trade well,
The EW-forecast team
USDCAD started rallying from the 1.3318 low, indicating that wave C) of a higher degree is completed, and that a minimum three-wave turn is underway.
We labelled a completed leg A/1 and B/2 as part of a reversal, so current rally from 1.348 swing low can be part of wave C or 3. In case of wave C price can target area at Fib. ratio of 100.0 (1.385 level), where wave A would equal wave C in length, and price would turn lower. However, in case of wave 3, price can reach area at Fib. ratio of 161.8 (1.40 level), and turn lower only for a temporary setback as part of a bullish reversal.
Trade well,
The EW-forecast team
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US Single STOCKS (FREE Access), FX, Crypto
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Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
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👉Explore Our Services @ wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
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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.