USDCAD is moving sharply to the upside for the last couple of weeks since pair managed to move above 1.0660 resistance zone, back from 2011. Sharp and big move in short period of time like this one on USDCAD usually occurs in the middle of wave three of an impulsive price action. As such we adjusted the wave count and around now tracking an incomplete five wave recovery, either in wave (C) or (3). In both cases we expect higher levels, up to 1.1600/1.1700 as long as 1.0600 level holds.

USDCAD Weekly Elliott Wave Analysis

USDCAD Daily
USDCAD seems to be trading in the middle of an impulsive red wave 3) from a weekly chart that needs to be made by five subwaves. That's still not the case from 1.0177 swing region so we expect to see even higher prices in 2014. At the moment we are tracking a subwave 3 that may stop around 1.1200 figure.

USDCAD Daily Elliott Wave Analysis

USDCAD 4h
USDCAD has moved to a new high as expected, into the final stages of blue wave (v) that may completed a black wave 3 around 1.1200 figure. At the same time we also see a signs of a bearish divergence on the RSI that usually occurs at late stages of extended structure so we must be aware of a reversal, but only temporary into another corrective phase.

USDCAD 4h Elliott Wave Analysis

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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.

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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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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