USD/CAD Targeting Beyond 1.370 - Elliott Wave Analysis

Published 02/13/2020, 04:49 AM

USD/CAD can be trading in a bigger, unfolding five-wave cycle with legs blue wave 1 and 2 completed. Wave 1 found a top at the 1.366 level, from where a three-wave A)-B)-C) structure started developing and later final leg C) of 2 found support at the 1.294 level, from where a strong rise unfolded. This rise can be a suggestion of a completed higher degree correction, and that further gains may be in view.

We are now observing a bullish continuation on USDCAD, however nothing moves in straight lines, so be aware of pullbacks within the upcoming trend.

First pullback, once five minor legs higher develop from the 1.294 level, can be seen at the 1.333/1.340 zone.

usdcad, daily

USDCAD, daily

Trade well,

The EW-Forecast team

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