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14 May 2015
USD/CAD sees a limited downside risk – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, views that USD/CAD might be looking for support near the 1.1800 region.
Key Quotes
“USDCAD is at new lows so we reworked the count as we think that current labeling fits much better into the current structure which is looking impulsive from 1.2782 so it can either be wave C) of wave (4), or wave 3) as part of a big bearish impulse. In both case we see market now in fifth wave down, so downside can be limited, ideally at mid-channel line, near 1.1800.”
Key Quotes
“USDCAD is at new lows so we reworked the count as we think that current labeling fits much better into the current structure which is looking impulsive from 1.2782 so it can either be wave C) of wave (4), or wave 3) as part of a big bearish impulse. In both case we see market now in fifth wave down, so downside can be limited, ideally at mid-channel line, near 1.1800.”