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3 Jun 2015
USD/CAD takes corrective move for bigger uptrend – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, sees the current downward retracement of USD/CAD as temporary and a bigger bullish move might be near.
Key Quotes
“USDCAD is turning down, through the rising channel line connected from 1.1917 low which means that five wave recovery is completed. As such, current downward retracement should be temporary and corrective. We will be tracking an A-B-C move within wave 2) back to 1.2160-1.2260 area where we expect to see a strong bounce to the upside.”
Key Quotes
“USDCAD is turning down, through the rising channel line connected from 1.1917 low which means that five wave recovery is completed. As such, current downward retracement should be temporary and corrective. We will be tracking an A-B-C move within wave 2) back to 1.2160-1.2260 area where we expect to see a strong bounce to the upside.”