USDCAD Slowing Down, while Gold Ticking Higher – Elliott wave Analysis
USDCAD is currently reversing down from 1.3090 level which looks to be wave b of a three-wave correction from the lows. That said, current drop may look for support and later make a new bounce into wave c of a correction, and find resistance near the 1.3104/1.3125 region.
Gold is still trading in a minimum, three-wave reversal from the lows with current red wave iii) or c) in play. We are particularly observing sub-wave iv that can look for support and a bounce near the Fibonacci ratio of 38.2./50.0. Red wave c) can later touch levels near the 1190 area, from where a new turn may follow.
Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All of our work is for educational purposes only.
Find more: Contributing Authors