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We are providing technical analyzes for the financial markets and how they behave based on the Elliott Wave Principle. The Elliott Wave Principle gives you a method for identifying at what points a market is most likely to turn. And that, in turn, gives you guidance as to where you might enter... More
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  • Elliott Wave Forecast For USDCAD: Price Could Extend Up To 1.0650 0 comments
    Aug 29, 2013 3:42 AM

    On USDCAD we are tracking an impulsive price action from around 1.0280 which is still incomplete as we need five waves to the upside. In fact, in this week we have seen only a three wave set-back from the latest swing high which is a corrective structure, so we think that larger uptrend will resume soon so we labeled current retracement as wave 4, which means that we expect another push higher, into wave 5 that will be targeting 1.0620/1.0650. This bullish leg could start soon if we consider that pair already reached a very typical 38.2% retracement area for fourth waves.

    USDCAD 4h Elliott Wave Analysis

    (click to enlarge)

    Written by www.ew-forecast.com

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