Top Trade Idea For March 24th, 2015 –USD/CAD
By Gregor Horvat on Mar 24, 2015 03:11:16 GMT
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.
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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 TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/
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