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Guest Commentary: USDCAD Expecting A Bounce

Guest Commentary: USDCAD Expecting A Bounce

Eric Morera, Technical Strategist

USDCAD has been trading lower after a spike test of 1.0707 and decline is taking the form of a wedge aka Ending Diagonal. Expecting a test of green zone (1.0522 - 1.0559) to complete FLAT wave B and rally to resume. Alternatively, 5 swing drop would complete wave (( a )) of a new down cycle. Either way, expecting to see at least a 3 wave bounce in the pair from 1.0522 - 1.0559 zone.

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Author: Eric Morera Elliottwave-Forecast.Com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.