USDCAD Elliottwave Technical Analysis: Bull will drag price

FX:USDCAD   U.S. Dollar / Canadian Dollar

Talking Points:

  • USDCAD Technical Strategy: Bullish
  • Elliottwave Count: Wave 5 of Wave C is in process
  • Upcoming major events: USD-Pending Home Sales (MoM) (Oct) on 31st of Nov, 2015, CAD-GDP on 1st of Dec, 2015

We are holding bullish count. We are expecting that this pair is in zig-zag correction in weekly time frame and targeting 1.36-1.37 region for pattern. As part of larger trend, we are tracking this 240min move. Current price is trading with bullish trendline and can have target above 1.35.

We have resistance on 1.3436. Break above this will expose to 1.3510 and above. While we have 1.3282 trendline support; breaking below and having daily close below this level hint reversal.
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