JWagnerFXTrader

USDCAD | Elliott Wave | Bear View 1.33 | Jeremy Wagner

FX:USDCAD   U.S. Dollar / Canadian Dollar
Interesting level here in USDCAD . The primary Elliott Wave pattern suggests a deeper cut, perhaps down to 1.33.

However, we have horizontal resistance turned to new support from May 2017 in the way. Which pattern prevails?

There is likely enough support to pop prices higher a little. So long as USDCAD is below the May 22 high, a break down below 1.38 is possible.
Trade closed: target reached: USDCAD reached the top end of the target range. The minimum waves can be counted in place for a reversal though we cannot rule out further moves lower.

The point being the odds have shifted towards a bullish reversal as it is no longer a good risk to reward ratio to be short. Wave relationships and a trendline are guarding this 1.32-1.33 zone.

5 Basic Elliott Wave Patterns: https://bit.ly/2VYzVoM

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Comments

Excellent evaluation Mr. Wagner. Looking forward to the next USDCAD phase.
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i am agreed with you.i have also found this area.but mine analysis on chart pattern basis bearish flag basis movement on weekly chart.but firstly needed support line break.which may be happend on this weekend.
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@plabancb, I wonder if some of the sideways trade this week was due to a holiday week.
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