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24 Feb 2015
USD/CAD bulls remains in play, triangle taking place – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, uses Elliott Wave Analysis to give the technical outlook for USD/CAD.
Key Quotes
“USDCAD did not take out the 1.2347 support last week, so we suspect that pair is forming a triangle placed in wave four, especially if we consider current rally to the upper side of a range, that now looks like a wave D.”
“With that said, new impulse leg up could follow later this month, but after wave E pullback that can be in the cards for the next two days.”
Key Quotes
“USDCAD did not take out the 1.2347 support last week, so we suspect that pair is forming a triangle placed in wave four, especially if we consider current rally to the upper side of a range, that now looks like a wave D.”
“With that said, new impulse leg up could follow later this month, but after wave E pullback that can be in the cards for the next two days.”