In this technical blog, we are going to take a look at the past performance of USDCAD, 1 hour Elliott Wave charts that we presented to our clients. We are going to explain the structure and the forecast below.
USDCAD 1 Hour Elliott Wave Chart From 12/06/2018
Above is the 1 hour Chart from 12/06/2018 Asia update, in which instrument made the new high above 11/28/2018 peak (1.3358) which made the cycle from 10/01 low incomplete to the upside. Therefore, the pair was expected to remain supported against 1.3157 low for more upside. While the initial rally from 1.3157 low took place in lesser degree 5 waves impulse structure, which also favours more upside for another leg higher at least to complete the zigzag correction. So our strategy remains buying the wave B dip in 3, 7 or 11 swings against 1.3157 low into the direction of right side tag higher.
USDCAD 1 Hour Elliott Wave Chart From 12/07/2018
USDCAD 1 hour Chart from 12/07/2018 NY update, the pair ended the lesser degree 5 waves in Minor wave A at 1.3443 high. Down from there, the pair made a 3 wave pullback as expected within Minor wave B. The internal of that pullback unfolded as Elliott wave flat correction & was expected to find buyers at 1.3299-1.3223 50-76.4% Fibonacci retracement area looking for another cycle higher or for minimum 3 wave bounce at least.
USDCAD 1 Hour Elliott Wave Chart From 12/11/2018
Here’s recent 1-hour Chart from 12/11/2018 Asia update, showing instrument reacting higher from the blue box area as expected. And our longs from 1.3299-1.3223 50-76.4% Fibonacci retracement area remain risk-free (stop loss on entry level). Now looking to see a break above 1.3443 high to confirm the next extension higher towards 1.3536-1.3604 100%-123.6% extension area of ((a))-((b)). Keep in mind, that internals of a rally from 1.3156 cycle low has adjusted to Minute degree, which was previously shown in Minor degree.
Keep in mind that the market is dynamic and the view could change in the meantime. Success in trading requires proper risk and money management as well as an understanding of Elliott Wave theory, cycle analysis, and correlation. We have developed a very good trading strategy that defines the entry. Stop loss and take profit levels with high accuracy and allows you to take a risk-free position, shortly after taking it by protecting your wallet. If you want to learn all about it and become a professional trader, then join our service with a Free trial.Back