USDCAD Daily
On USDCAD we are tracking a deep but still corrective price action from start of the year. We are looking at wave 4) that is part of an big impulsive rally from a weekly chart. Usually fourth waves will find a support around 28 or 50% retracement level compared to wave 3) which in our case comes in around 1.0730. As such, we see pair now trading down within final stages of a corrective retracement, so we need to be aware of a bullish reversal, probably at the start of June.

USDCAD Daily Elliott Wave Analysis

USDCAD Four Hour

USDCAD may continue lower in June as rally from early May can be finished flat correction with its 3-3-5 structure. The reason is recent reversal down from 1.0958 that looks like an impulse in progress after recent extensions down from 1.0920. We suspect that market will re-test levels from early May and possible move down towards 1.0750.

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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