Hello fellow traders. In this technical blog we’re going to take a quick look at the past Elliott Wave chart of USDCAD. In further text we’re going to explain the structure,count the swings and see how we foretasted the path.
USDCAD Elliott Wave 1 Hour Chart 04.27.2017
As our members know, we were pointing out that USDCAD is having incomplete bullish swings sequence from the 04/13 low . Structure has been calling for more strength in 7th swings once (x) blue pull back completes as Expanded flat. As far as short term pivot at 1.3406 low holds, the pair will be ideally targeting 1.3713 area. . At the chart below we can see that 6th swing is unfolding as expanded flat looking for 1.3526-1.34977 area to complete. Due to incomplete bullish sequences we recommended our members to avoid selling the pair, keep favoring the long side
USDCAD Elliott Wave 1 Hour Chart 05.02.2017
Eventually the pair has reached propose 50 fibs area at 1.35267 and completed (x) blue there as irregular flat structure. We got nice reaction higher. Currently approaching ideal target area at 1.3715-1.3788 and it’s already close to ending the cycle from the 04/13 low . Current price structure met minimum requirements already, and we should be careful chasing the strengths at this stage.
Keep in mind market is very dynamic and the view could have changed in a meant time.