Top Trade Idea For March 24th, 2015 –USD/CAD

Top Trade Idea For March 24th, 2015 –USD/CAD

By Gregor Horvat on Mar 24, 2015 03:11:16 GMT

  • Tweet
  • Email
  • Tweet
  • Email

Not Top Trade Idea. Only Analysis

USDCAD is clearly in bullish mode since 2014, but prices has turned down from latest high so it looks like that new correction is underway which is part of an uptrend. We are tracking idea of an expanded flat that can be taking place in current blue wave (4), where subwave C) can reach support at 1.2350 for a “failure breakdown” that would then cause a new turn up for a (5). Big trend is up so we will continue to look higher, as we do not see any strong evidences for a “top in place”.

USDCAD Daily Elliott Wave Analysis

On the 4h chart we are tracking a closer structure of a current retracement. We see completed wave B) at 1.2834 from where price turned sharply down last week, most likely into wave C) that can be even an ending diagonal. Our idea is that price will take out the FEB 03 swing low before market turns up.

USDCAD 4h Elliott Wave Analysis

Based on current situation on USDCAD we believe there will be an opportunity to look for some new longs in days and weeks ahead, but as things stands right now it may be a little too early for any numbers as correction is still unfolding. Patience is the key here! Make sure to check our next update in 2 weeks, when we may again look at USDCAD.

Interested in our analysis? Subscribe our services here >>

About Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website:

Recent posts by Gregor Horvat

  • Top trade idea for November 16th, 2016 – EUR/USD
  • Top Trade Idea For November 1st,2016 – Crude Oil
  • Top trade idea for October 18th, 2016 – USD

Economic Calendar News, Charts, Research & Video

Copyright © | Privacy Policy

Market commentary and/or opinions presented do not necessarily represent the opinions of ForexNews. You are advised to conduct your own independent research before making a decision. This website is an information site only. Accordingly, ForexNews makes no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. You should obtain individual financial advice based on your own particular circumstances before making an investment decision on the basis of information on this website.

Будьте первым, кто решился написать!

Поделитесь своим мнением:

E-Mail адрес не будет опубликован.