USDCAD Elliott Wave: Anticipating Downward Correction
Updated
The USDCAD currency pair has recently exhibited a noticeable five-wave impulsive upward movement. This analysis suggests that wave 5 of this impulsive move has concluded at the level of 1.3791. Consequently, I'm anticipating a corrective ABC wave pattern to the downside.
At present, my analysis indicates the potential for the support level at 1.36892 to be breached, serving as confirmation of the downward movement. A conservative approach would involve entering a position upon the retest of this support level once it has been breached.
It is important to exercise caution with respect to this pair, as it may experience increased volatility due to the release of Non-Farm Payroll (NFP) data and employment change figures for the Canadian Dollar (CAD) today.
Based on this analysis, my medium-term target for the pair is 1.35753, with the ultimate target identified at 1.34887. This outlook becomes invalidated if price breaks the 1.37910 to the upside.
Cheers!
At present, my analysis indicates the potential for the support level at 1.36892 to be breached, serving as confirmation of the downward movement. A conservative approach would involve entering a position upon the retest of this support level once it has been breached.
It is important to exercise caution with respect to this pair, as it may experience increased volatility due to the release of Non-Farm Payroll (NFP) data and employment change figures for the Canadian Dollar (CAD) today.
Based on this analysis, my medium-term target for the pair is 1.35753, with the ultimate target identified at 1.34887. This outlook becomes invalidated if price breaks the 1.37910 to the upside.
Cheers!
Note
This pair has moved well over +75 Pips in profit from the time it was posted. I hope you caught it. Note
First target hit, giving +126 pips profit. We are expecting a minor move to the upside in wave B before the eventual drop in wave C.
Note
This outlook is playing out just has forecasted. We are currently seeing the minor move to the upside in wave B. If the resistance zone above holds, we might see a rejection and a continuation of the downward movement in wave C. Note
As anticipated yesterday, price encountered resistance in the expected area, marking the completion of wave B. Presently, we are observing a decline in wave C. Looking ahead, our outlook suggests that wave C is likely to descend to a minimum of the 1.34887 price level which is in line with our overall forecast.Cheers guys!
Note
Just a little adjustment to this outlook. We still considering a bearish move but in a totally different way. After the invalidation zone above but triggered, here is what we expect on the pair going forward. Note
The second projection didn't workout.
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