Hello fellow traders. Another trading opportunity we have had lately is USDCAD. 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 website. As our members and followers know, this pair has incomplete bullish sequences in the cycle from the September 2017. low. Break of March 19th peak, has made that cycle bullish agaisnt the April 17tn low and open further extension to the upside. Consequently, we advised our members to avoid selling it and keep on buying the dips in the sequences of 3,7,or 11 swings.
Recently Daud has explained swings sequences and trading strategy in previous USD CAD blog. So our followers in social medias could have also made some benefits from this trade. Let’s take a look at the previous short term Elliott Wave forecasts.
USDCAD 4 Hour Elliott Wave Analysis 7.30.2018
Current view suggests the price is still doing pull back , correcting the cycle from the April 17th low. As we can see on the chart below, price structure of the pull back is incomlete while it has a chance to make another swing toward 1.29764-1.29017 ( buying zone). Invalidation for the long setup is break below 1.618 Fib Extension : 1.27801.
From mentioned blue box we should ideally see turn higher to complete cycle from the 09/ 2017 low. The pair is targeting 1.3591+ area per ideal scenario . Due to incomplete bullish sequences , we expect to see at least reaction from buying zone in a 3 wave bounce. As soon as the bounce reaches 50 Fibonacci retracments against the (X) blue peak, we should make long positions risk free .
USDCAD 1Hour Elliott Wave Analysis 8.13.2018
In the mean time USDCAD has given us last swing down toward our buying zone 1.29764-1.29017. Buyers have appeared shortly after and we got turn higher. Pull back wave ((X)) black is counted completed at 1.29579 low and as far as the price stays above that level, we expect more strength in the pair. Rally from the buying zone has already reached 50 Fibonacci retracement against the (X) blue peak. As a result members are now enjoing profits with risk free positions.
Short term: the pair has reached equal legs area from the 1.29579 low at 1.31578-1.3232. At that area short term buyers can be taking profits and we can see pull back before further rally ideally resumes.
Note: Market is dynamic and presented view could have changed in the mean time. Keep in mind 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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