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USDCAD UPDATE: Price Recovering as Expected! - Elliott wave analysis

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Hello traders,

USDCAD is recovering sharply on the 4h time frame chart, following a completed higher degree wave C) at the 1.331 low.

Following our previous article on USDCAD, which you can find HERE, we can see price rallying well above the upper corretive channel line, connected from 1.368 level, which suggests a continuation into a wave C or 3.

In case of a wave C, price will rally towards the Fib. ratio of 100.0 (1.385 level), where wave A would equal wave C in length, and a new turn lower will be seen. However, in case of a wave 3 price can recover towards the Fib. ratio of 161.8 (1.410 level), and at the mentioned zone turn lower for a temporary set-back as part of an uptrend.

Interested in more analysis like this?

Visit us at www.ew-forecast.com and get actionable Elliott Wave charts today.

USDCAD, 4h

4h usdcad

Trade well,

The EW-forecast team

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