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USDCAD : Market Patterns Calling the Move Lower

January 5, 2020 By EWF Aidan

USDCAD Technical Analysis

The USDCAD pair since end of 2018 has been moving lower. The July 2019 low confirmed a lower low/lower high sequence. The possibility of the pair continuing the trend lower was visible but traders needed to wait on other signals/patterns to add more confirmation. In the charts below, clear bearish market patterns were visible on the Daily chart which eventually got SELLERS to push USDCAD lower.

USDCAD Daily Chart 7.10.2019

On July 10/2019 I posted this chart on Twitter explaining the possible area where the pair will find resistance and reverse lower. Bears would be waiting at the blue bearish pattern BC 0.50% Fib. level.

USDCAD Daily Chart 9.5.2019

On September 5/2019 I posted this chart on Twitter explaining the blue bearish pattern BC 0.50% Fib. level was reached and SELLERS were getting in. The chart shows the levels (pink) that need to break to add more bears to get in the market with confidence.

USDCAD Daily Chart 10.17.2019

By October 17/2019 another visible bearish pattern (green) was forming. I posted this chart explaining to watch for more selling opportunities after the price registers below AB 1.618% Fib. level and bounces/retraces to the green BC 0.50% Fib. level where more bears will be waiting to push the pair lower.

USDCAD Daily Chart 12.31.2019

USDCAD bounced off the green AB 1.618% Fib. level and triggered more SELLERS at the green BC 0.50% Fib. level which pushed USDCAD lower. All bearish patterns remained active and both patterns remained below the pattern invalidation levels. Expecting USDCAD to continue lower and hit the next support/resistance zone that was forecasted back in July 2019.

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan

*** Always use proper risk/money management according to your account size ***

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USDCAD Forecasting The Rally From The Blue Box

November 24, 2019 By EWF Vlada

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.

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USDCAD : Possible Breakout Higher?

February 14, 2019 By EWF Aidan

USDCAD Technical Analysis February 14/2019

USDCAD BUY/LONG Trade Setup: USDCAD is forming a bullish inverted Head and Shoulders market breakout pattern. Price has already broke above the neck line which can be a signal that possibly more bulls will be entering LONGS and will start pushing the pair higher. Traders should watch for a good strong break above the green BUY breakout trend line. A good break above this level can send USDCAD higher and possibly extend to newer highs above the December 2018 high. If looking to BUY USDCAD look to buy on a good break above the green BUY entry trend line with Stop Loss at the low of the right shoulder and watching for price to hit the target levels as shown in the chart below. As long as the low of the right shoulder holds then a rally higher can be strongly possible. A break above the January 24/2019 high will confirm bulls are in control. Only time will tell what the pair will do but as for now I remain bullish until otherwise. Trade what you see and squeeze the trigger if and when you see USDCAD start to move higher. Trade safe.

USDCAD 4 Hour Chart 2.14.2019

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Elliott Wave Analysis: Impulse Move Suggests More Downside in USDCAD

January 9, 2019 By EWFHendra

Short term Elliott Wave view in USDCAD shows that the decline from 12/31/2018 high (1.3669) is unfolding as a 5 waves impulse Elliott Wave structure. Down from 1.3669, Wave 1 ended at 1.3563, wave 2 ended at 1.3662, wave 3 ended at 1.3263, and wave 4 ended at 1.3323. We can see a momentum divergence with momentum showing a higher low while price showing a lower low.

This suggests that wave 5 is near complete and we can soon see a 3 waves rally to correct the decline from 12/31/2018 high. To get an estimate on how far the bounce can go, it should ideally end around 50 – 61.8% fibonacci retracement of the decline from 1.3669. This however is more of a guideline and not a rule. The actual rally can be deeper or shallower than the 50 – 61.8% retracement guide. The most important level remains to be 1.3669.

As the move lower from 1.3669 is impulsive, the bounce should fail below 1.3669 and give us at least another 5 waves down to end a zigzag Elliott Wave structure at minimum. The medium term outlook therefore favors further downside although short term we may see a bounce soon.

USDCAD 1 Hour Asia Elliott Wave Chart

USDCAD Chart of The Day Video

USDCAD Buying The Elliott Wave Dips

December 11, 2018 By Hassan Sheikh

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.

Elliott Wave View Supporting Further Strength in USDCAD

December 6, 2018 By EWFHendra

USDCAD has broken above 11/29/2018 high (1.336) as well as above 6/27/2018 high (1.3386) creating incomplete bullish sequence. Short term Elliott Wave view suggests the rally to 1.336 on 11/29 ended Intermediate wave (W) and the pullback to 1.3157 ended Intermediate wave (X). Internal of Intermediate wave (X) unfolded as a zigzag Elliott Wave structure where Minor wave A ended at 1.324. Minor wave B bounce ended at 1.333, and Minor wave C of (X) ended at 1.3157 low.

Up from 1.3157, pair has made a new high above Intermediate wave (W) at 1.3157, suggesting the next leg higher has started. The rally is unfolding as a 5 waves impulse Elliott Wave structure where Minute wave ((i)) ended at 1.322 and Minute wave ((ii)) ended at 1.316. Expect pair to do 1 more leg higher to end the 5 waves impulse and complete Minor wave A of larger degree. Pair should then pullback in Minor wave B to correct cycle from 12/3/2018 low in 3-7-11 swing before the rally resumes.