This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

usdcad elliott

USDCAD hints at a bearish impulse wave Ⓒ consisting of waves (1)-(2)-(3)-(4)-(5) of the intermediate degree.

After completing the triangular corrective wave (4), we saw a smooth decline in the impulse (5).

As part of the impulse (5), a minor wave 5 is currently under development. Therefore, we could see a continuation of the bearish move in this wave to the 1.308 area. In addition, the market may move into a bullish trend.

At that level, wave (5) will be at 76.4% of intermediate impulse (3).


An alternative scenario shows USDCAD forming a bearish triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

This theory shows the primary wave Ⓨ in the form of a bearish zigzag. Whilst we are now at the beginning of a bullish intervening wave Ⓧ.

In the medium term, the price may rise to the level of 1.374. Wave Ⓧ will then be at 61.8% of wave Ⓨ.

After reaching this level, a decline can be expected in wave Ⓩ.

How do you feel the CAD will fare in the coming weeks? Open your Orbex account and trade now! 

The post USDCAD Bears T...

To keep reading this article, please navigate to: Orbex Forex Trading Blog.