In this technical blog we’re going to take a quick look at the Elliott Wave charts of USDCAD published in members area of the elliottwave-forecast . As our members know, USDCAD ended cycle from the 1.30122 low as 5 waves structure. We got 3 waves pull back , when the price reached Equal Legs – Blue Box. Commodity pair found buyers there as we expected. In further text we’re going to explain Elliott Wave Forecast.
USDCAD 4 Hour Elliott Wave Analysis 10.26.2019
USDCAD is correcting the cycle from the 1.30122 low. Pull back has reached important technical zone – equal legs area A-B red at 1.30927-1.3032 ( marked blue box). The price structure of the pull back already showing enough number of swings, and turn can happen any moment. As our members know, Blue Boxes are no enemy areas , giving us 85% chance to get a reaction from there. We expected buyers to appear at the blue box for a proposed rally or 3 waves bounce alternatively. As far as the price stays above 1.30122 we expect pair to trade higher
USDCAD 4 Hour Elliott Wave Analysis 11.11.2019
Eventually USDCAD found buyers at 1.30927-1.3032 , the Blue Box area. 1.30122 low held nicely during proposed pull back. We count pull back completed and believe next leg up is in progress. Currently we believe the price is doing wave 3 red of the next leg higher as labeled on the chart.
USDCAD 1 Hour Elliott Wave Analysis 11.20.2019
On the chart below we can see what short term structure looked like on November 20th. The pair is showing higher high sequences in the short term cycles from the 11/05 low. Break of 11/13 peak – wave ((i)) black, made the pair bullish against the 1.3176 low . We expect pair to find intraday buyers in 3,7,11 swings as far as the short term pivot at 1.3176 low stays intact.
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Not every chart is Trading Signal. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.