USD/CAD is falling in an impulsive five-wave cycle

Gregor Horvat Wavetraders

USDCAD is coming down impulsively from the upper side of a big 2-year range, so be aware of more weakness, possibly still within a bearish extended five-wave drop, as the latest decline suggests that this is third wave. As such, more downside will be expected after the fourth wave rally. Resistance is at 1.3515 - 1.3590, from where we should be aware of a continuation lower towards 1.3360 strong support area.

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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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