USDCAD Elliot impulse wave formation

FX:USDCAD   U.S. Dollar / Canadian Dollar

The oil dependant canada is nowdays struggling to recover as the oil prices are are at low level and currently trading at 20 dollar per barrel

Which inturns its affects the CAD negatively

Currently in USDCAD Elliot wave if forming, Wave 01 is completed and wave 02 is forming

We can expect to close this wave at resistance level 1.42100 which is also a 61.8% Fibonacci

From this level we can open short positions and the primary target would be 1.37270 which is a 1.272% Fibonacci

And the final target would be 1.33280 which we are expecting the point where the wave 05 going to close

Stop lose may placed above the 1.43050 level which is a 50% Fibonacci

Leave your comments below


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.