Peering through the lens of Elliott Wave theory on the GBPCAD 4-hour chart, we see signs of a budding uptrend. The completion of a corrective phase (labelled as wave (4)) and a turnaround at a key Fibonacci level hints at the early stages of an impulsive wave (5).
Traders employing Elliott Wave principles might see this as a cue for a LONG entry, anticipating that wave (5) could potentially extend towards the 1.618 Fibonacci extension of wave (1) through (3). The recent pivot suggests an accumulation of buying pressure, which could drive the next move.
For those considering this setup, the strategy would involve entering LONG positions now, with a stop placed just below the recent swing low to manage risk. The target could be set at the previous high marked by wave (3), with the possibility of holding out for extended gains if price action affirms the bullish momentum.
As always, keep a close watch on economic announcements from the UK and Canada that could sway currency strength and adjust positions accordingly for optimal trade management
Traders employing Elliott Wave principles might see this as a cue for a LONG entry, anticipating that wave (5) could potentially extend towards the 1.618 Fibonacci extension of wave (1) through (3). The recent pivot suggests an accumulation of buying pressure, which could drive the next move.
For those considering this setup, the strategy would involve entering LONG positions now, with a stop placed just below the recent swing low to manage risk. The target could be set at the previous high marked by wave (3), with the possibility of holding out for extended gains if price action affirms the bullish momentum.
As always, keep a close watch on economic announcements from the UK and Canada that could sway currency strength and adjust positions accordingly for optimal trade management
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