E USDCAD Trading Near 1.2916 Resistance Zone; A Drop Can Follow

USDCAD was on the rise for the last week or so, it moved nicely from 1.2660 towards 1.2900 where pair may find resistance. The reason is a three wave recovery from November low that can be wave B) as part of an Elliott wave flat correction. In flats wave B) will usually find a turn at the starting point of wave A) which in our case is 1.2916; so it's close enough for a switch into lower wave C). Fall below 1.2800 would support the bearish view towards 1.2700, or even 1.2600.

USDCAD, 4H

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Ade Candra Santosa 1 week ago Member's comment

Thanks Master