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USDCAD Looking Bullish Long-term! - Elliott wave analysis

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Hello traders, today's article is about USDCAD and its weekly and daily development.

On the weekly chart of USDCAD we see price trading within a big, bullish pattern, up from July of 2011 low, which is now specifically unfolding a wave V of a big cycle. As we look closely we can see a completed fourth wave at the 1.202 level, from where a new recovery started developing, and which also has taken out the upper red trend line. This breach indicates a continuation within a wave V of C).

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Trade Well,

The EW-Forecast team

USDCAD, weekly

usdcad weekly.

Now looking at the daily chart of USDCAD, we see price making a clear five-wave recovery up from 1.295 level, labelled as a higher degree wave 3 of V. We know that wave 3 is an impulse, therefore five legs are expected to show up, and also some corrective waves. At the moment we have in mind a forth wave (4)), which is already underway, and which can face support/bullish turn at the 1.418/1.40 zone.

USDCAD, daily

usdcad, daily.

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