Elliott Wave Analysis: USD/CAD Looking For A Resistance Around 1.3700
Gregor Horvat | Jun 27, 2016 04:21AM ET
USD/CAD has been trading quite aggressively lower earlier after a decisive break out of an upward channel connected from May of 2015 lows, which was an important evidence for a change in trend. That said, price of USD/CAD is likely going even lower as decline from 1.4680 has unfolded in five waves, labeled as wave A/I; first wave of a minimum big three waves of a decline. However, nothing moves in straight lines so we need to be aware of a corrective bounce up in wave B/II which is now already underway with still some room left towards 1.3700 area since we expect a bigger corrective three wave recovery.
USD/CAD, Daily
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