Trader, analyst and instructor with a 6-year experience

USD/CAD: Elliott waves (Jan. 13)

Weekly. USD/CAD is forming a global Zigzag. Even the weekly chart shows that this Zigzag is almost complete. The most important task for the near future is to determine the reversal point.

Chart. Weekly USD/CAD

Daily. The last impulse wave is fully equipped with the minor waves. Note an interesting waveform (IV) – it’s a contracting triangle.

Chart. Daily USD/CAD

H4. We see the construction of wave V of (V). This wave is not fully complete yet. In the near future we’ll likely see a small horizontal correction in wave [4], and then the local growth in [5] will continue. When this happens, we may see a trend reversal.

Chart. H4 USD/CAD

Roman Petuchov for FBS

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