Gregor Horvat writes: USDCAD found a support around 1.02560 last week, from where the first reaction appears to be in impulsive fashion through the upper trend-line of a corrective channel. We know that impulses show direction of a trend or change in trend.

As such, we are looking higher now, and it’s also because of a previous three wave decline from above 1.0600 which was a corrective move, so larger trend remains up and is now in continuation mode. Current wave 2/B could be looking for a support around 1.0300-1.0330. Invalidation point for bullish outlook is at 1.0243.

Bio:
Ew-forecast.com is providing advanced technical analysis for the financial markets (Forex, Gold, Oil & S&P) with method called Elliott Wave Principle. We help traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our view and bias as simple as possible with educational goal, because knowledge itself is power.

Chief Analyst- Gregor Horvat at www.ew-forecast.com

Gregor is based in Slovenia and has been in Forex market since 2003. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets; from candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful to traders.
He was working for Capital Forex Group and TheLFB.com. His featured articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, gold, oil, and some major US indices.

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