USDCAD's Elliott Wave formation hints at an ascending wave (B), presenting a potential LONG entry. After concluding a corrective wave (A), we’re now seeing initial formations that suggest a rebound. The pair seems to be preparing for an upward move, as indicated by the recent bullish price action bouncing off a key support level.
The Fibonacci retracement levels from the prior decline offer possible targets for wave (B), with the 0.618 level often acting as a significant turning point. These levels will be closely watched for indications of the wave's completion.
Technical indicators, including a stabilizing RSI and a bullish MACD cross, provide further confidence in this LONG position. Combined with a backdrop of strengthening oil prices potentially buoying the Canadian Dollar and a recovering global economy, the conditions seem ripe for a rise in USDCAD.
A calculated entry around the current consolidation phase, with stops set below the start of wave (A), could capitalize on the anticipated uptrend. This trade seizes the momentum of the expected wave (B), with an eye on key Fibonacci levels for profit-taking opportunities.
The Fibonacci retracement levels from the prior decline offer possible targets for wave (B), with the 0.618 level often acting as a significant turning point. These levels will be closely watched for indications of the wave's completion.
Technical indicators, including a stabilizing RSI and a bullish MACD cross, provide further confidence in this LONG position. Combined with a backdrop of strengthening oil prices potentially buoying the Canadian Dollar and a recovering global economy, the conditions seem ripe for a rise in USDCAD.
A calculated entry around the current consolidation phase, with stops set below the start of wave (A), could capitalize on the anticipated uptrend. This trade seizes the momentum of the expected wave (B), with an eye on key Fibonacci levels for profit-taking opportunities.
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