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Guest Commentary: Post-Corrective Long Set-up in USD/CAD

Guest Commentary: Post-Corrective Long Set-up in USD/CAD

2014-05-28 01:50:00
Todd Gordon, Technical Strategist
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Talking Points:

  • 5-Wave Elliott Rally in USD/CAD
  • Textbook 3-Wave Corrective Formation
  • New Potential Long Set-up in USD/CAD

After falling quite substantially in April, USDCAD rallied in five clean waves from the early-May low. The fact that the rise has unfolded in five waves indicates an underlying strength in the market that should carry prices higher for some days to come.

Following the five-wave rise, USDCAD has pulled back into a Fibonacci support zone in a three-wave corrective pattern often deemed an “expanded flat.”

Guest Commentary: Post-Corrective Long Set-up in USD/CAD

Elliott wave patterns and a correction near key Fibonacci support help inspire a potential long set-up in USD/CAD.

Now, the wave-2 correction sets up a long trade as part of a wave-3 rally towards 1.1000. Specifically, the trade is to buy USDCAD at 1.0855, place a stop at 1.0805, and use an upside target of 1.1010

By Todd Gordon, founder, TradingAnalysis.com

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