Elliott Wave Analysis: GBPUSD and USDCAD 

intraday usdcad analysis

Gregor - Author BIO photoElliott Wave Analysis: GBPUSD and USDCAD


GBPUSD is moving down, nicely away from our Fibonacci resistance area at 1.0950 that was highlighted last week as important zone for wave 5 of 3). Notice that current leg down now also fell below 1.2889 support of wave four which suggests that highs are in and that pullback of a higher degree wave 4) is here so be aware of more weakness, possibly even to 1.2770.

Gbpusd, 1h

intraday gbpusd


USDCAD is trading higher, but price structure is slow and choppy so we see it as final piece of a higher degree wave 5. Also, this can be an ending diagonal in wave 5 that suggests a change in trend this week.


intraday usdcad analysis

The ending diagonal is a special type of motive wave that occurs primarily in the wave 5 position when price has moved too far and too fast. Some ending diagonal triangles appear in the C wave of an ABC correction. In all cases, the ending diagonal terminates the move of larger patterns. They consist out of five waves, with each having three more sub-waves.

Basic Ending Diagonal:

ending diagonal

We do not own any assets or share of the instrument mentioned in our outlook
Please be informed that information we provide ARE NOT trading recommendation or investment advice. All of our work is for educational purposes only.




By Gregor Horvat

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