$USDCAD: Elliott Waves forecasting the rally & buying the dips

At the end of December 2014. USDCAD was doing bullish triangle in wave X connector. Wave ((c)) of triangle reached important technical area at 1.1583-1.1572 and rally was expected from there.

We suggested our members to play long side in this pair against wave (( a )) of the triangle low at 1.5559. This was the more aggressive view, if Elliottwave triangle had failed, we would still be buyers at lower levels in the sequence of 3, 7 or 11 swings as far as bullish pivot (indicated with a green arrow) at 1.3338 low remained intact in our system.

Let’s take a look at H1 Elliott Wave charts from the 31. December 2014 to see how we were guiding our members through the USDCAD price structure.

USDCAD December 31/2014 (London Update)  Wave ((c)) of triangle has reached 1.1583-1.1572 area. We expect rally in wave ((d)) from there.
CAd  2

USDCAD January 2/2015 (London Update)  X connector is done as Triangle structure @ 1.1595 and further rally should resume.

CAd 3

USDCAD January 2/2015 (NY Update)
The price is approaching short term equal legs-1.236 fib extension area @1.17037-1.17192 from where it might give us pull back before resumes higher.

CAd 4

USDCAD January 5/2015 (London Update) Wave (w) has extended little bit higher, and now we’re getting (x) pull back, equal legs area comes at 1.17406-1.17235 (potential buy zone). Pull back is expected to reach that area before rally resumes toward new highs.

CAd 6

USDCAD January 6/2015 (Asia Update) Equal legs area has been reached, as predicted. We advised our members to play long side against 1.1595.

CAd 7

USDCAD January 7/2015 (Asia Update) We got nice reaction higher,  short term pull back is expected before rally resumes toward next area of interest @ 1.19051-1.19460 area.

CAd 8

USDCAD January  7/2015 (NY Update) Pull back (b) is in progress toward 50-61.8 fib ret area @ 1.17982-1.17823 (new buying zone). View is bullish against pivot @ 1.1727 low.

CAd 9

USDCAD January 9/2015 (NY- Mid day Update) The pair turned higher from 50 fibs and gave us new high. Chart suggests we’re in short term pull back x which could give us 50-61.8 fib zone @ 1.18407-1.18289 before rally resumes.

cad 11

USDCAD January 12/2015 (London Update) 50-61.8 fib zone is reached &  X pullback is in place @1.1833, further rally is expected to resume…

cad 12

USDCAD January 13/2015 (NY Mid day Update) (x) pull back has ended as Flat structure@ 1.1924 . Chart suggests we’re in triple three from the 1.1727 low & another extension
is expected at least toward 1.20104.

cad 15

 

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