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Elliott Wave Charting: Usd/Cad Correction

Elliott Wave Charting


Usd/Cad reached new highs around 1.0680 after the pair broke through the 1.0592 area. The price action from the 1.0369 lows was clearly made by a five wave move, which means that a near-term Short correction is expected.

This correction looks to be already developing after a Short turning point seen during the last Wall Street session. The price action now signals for a near-term decline towards the 1.0500 region with a three wave move expected in a corrective wave 2, before the pair becomes bullish again.

 TheLFB Charting: Usd/Cad 4h view

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Disclosure: no pos.