USDCAD is reversing south after an unsuccessful push above 2022 highs, so it appears that pair is back in the range. Currently, we see price coming down impulsively from the upper side of a big 2 year range. As such, more downside will be expected after current rally, which now looks like a higher degree correction as price makes a higher swing low on Friday, suggesting that rally is now a counter-trend, but will ideally stop at 1,36 resistance, or ideally close to 38.2% Fib, at 1.3620.
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
By using Wavetraders website, any services, products, and content contained here, you agree that use of our service is entirely at your own risk. You understand that there is a very high degree of risk involved in trading on the markets. We assume no responsibility or liability for your trading and investment results. The charts, and all articles published on www.wavetraders.com are provided for informational and educational purposes only!
By using the information and services of www.ew-forecast.com you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you.
Recommended Content
Editors’ Picks
EUR/USD stays deep in red below 1.1050
EUR/USD trades deep in negative territory below 1.1050 in the American session on Monday. The broad-based US Dollar (USD) strength doesn't allow the pair to stage a rebound as market participants gear up for this week's key macroeconomic events.
GBP/USD remains under pressure, trades below 1.3100
GBP/USD stays under bearish pressure and trades at its weakest level in over two weeks below 1.3100. The US Dollar benefits from rising US Treasury bond yields and doesn't allow the pair to gain traction despite improving risk mood.
Gold rebounds toward $2,500 despite broad USD strength
Gold (XAU/USD) rebounds toward $2,500 on Monday after falling below $2,490 earlier in the day. Rising US Treasury bond yields and the renewed US Dollar strength, however, seems to be limiting XAU/USD's upside.
Crypto Today: Bitcoin hashrate hits all-time high as BTC, Ether and XRP hover near support
Bitcoin’s hashrate hit a new all-time high on Sunday. Bitcoin and Ethereum hover around support at $56,486 and $2,383 on Monday, respectively. XRP trades at $0.5325, up slightly on the day.
Week ahead: ECB poised to cut again, US CPI to get final say on size of Fed cut
ECB is expected to ease again, but will it be another ‘hawkish cut’? US CPI report will be the last inflation update before September FOMC. UK monthly data flurry begins with employment and GDP numbers.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.