USDCAD Elliott Wave Analysis: Resistance Near 1.3000

USDCAD Elliott Wave Analysis: Resistance Near 1.3000

USDCAD has been trading nicely to the upside for the last few weeks, away from 1.2127 where we called the end of wave 2) back in mid-June. However, this uptrend could slow down in the next few days as we the see pair trading in the fifth wave of an extended red wave 3) which may be looking for resistance near 1.3000 area. However, extended waves are always possible, especially in a strong bull market like this, so we would not be surprised if the pair pushes on towards the 1.3200-1.3300 area this summer.

USDCAD 4h Elliott Wave Analysis

usdcad elliott wave analysis

On the intraday chart USDCAD is trading nicely higher since the start of July, but is now already in the fifth wave of an impulsive cycle from 1.2127 so gains can be limited. The ideal projected level for a top is at 1.3050, but any earlier move down beneath 1.2900 would indicate that a blue wave (v) is done and downward correction underway.

USDCAD 1h Elliott Wave Analysis

By Alexander Slavchev
With an allround knowledge of the financial markets, I've covered European and American markets for years - providing detailed technical and fundamental analysis of the forex markets.

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.