USDCAD Can be Turning Bullish Again – Elliott Wave Analysis

Technical analysis of Forex market

USDCAD made a rally recently from the 1.385 level, which is a sign that a higher degree wave 4) correction is completed, and that a new five-wave cycle is underway into a wave 5). That said, for further evidence that bulls are in charge we would like to see a break of the 1.435 level. Also, be aware of temporary pullback during the uptrend; first one can be already in play, and can face support at the 1.402/1.400 level, where Fib. ratios of 50.0 and 61.8 are located.


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