USDCAD is moving higher for the last few weeks, but an overlapping price action from the last few days suggests that turning point can be near. The reason is an ending diagonal; it's a special type of Elliott Wave form that causes a reversal in strong manner, but for such case a break below wave four swing near 1.3650 will be needed. Invalidation level of the pattern is above 1.3820. Why? Because wave three is already shorter than wave one, so it must not be shorter than fifth wave. So if 1.0820 level is passed wave count will change.
Disclosure:
We do not own any assets or share of the instrument mentioned in our outlook
Please be informed that information we provide ARE NOT trading recommendation or investment advice. All of our work is for educational purposes only.
Disclosure:
We do not own any assets or share of the instrument mentioned in our outlook
Please be informed that information we provide ARE NOT trading recommendation or investment advice. All of our work is for educational purposes only.
