Hello fellow traders. In this technical blog we’re going to take a quick look at the charts of USDCAD published in members area of the website. As our members know, USDCAD is showing lower low sequences in the cycle from the 03/19 peak . We advised clients to avoid buying the pair ,while favoring selling it at the Blue Box. In the charts below, we’re going to explain the Elliott Wave structure and trading setup.
USDCAD Elliott Wave 1 Hour Chart 11.13.2020
Current view suggests The Pair is correcting the cycle from the 1.33908 peak. Recovery is having form of Elliott Wave Zig Zag Pattern that should ideally complete at 1.31105-1.3190 area . We expect another marginal push up to complete recovery. However we should be aware that sellers zone is already reached and turn can happen any moment . At the Blue Box area we expect sellers to appear for decline toward new lows ideally. Once the price reaches 50 fibs against the (b) blue low, we should make short positions risk free.As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.
You can learn more about Elliott Wave Zig Zag Patterns at our Free Elliott Wave Educational Web Page.
USDCAD Elliott Wave 1 Hour Chart 11.13.2020
USDCAD found sellers right at the blue box : 1.31105-1.3190 area. The pair gave us nice decline from there . At this stage we see wave ((iv))) recovery completed at the 1.31702 peak. However it needs to make break of 11/09 low to confirm next leg down is in progress.
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. 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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