Elliott Wave Analysis: More Weakness Expected on USDCAD!

Gregor Horvat Wavetraders

Hello traders,

USDCAD is dropping sharply, following a sharp wave 2 correction, which found a top at the 1.343 level, right at Fibonacci ratio of 61.8 and at the lower corrective channel line connected from start of February. Current drop is part of a wave 3, that can take price towards the Fibonacci projection zone of 200.0 and 138.2 (1.3110/1.3000 region) in upcoming sessions. Be aware of temporary setbacks during current downtrend.

USDCAD, 4h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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