• 14 hours From Frenzy To Flop, The Death Of This Year’s Most Hyped IPO
  • 19 hours Are Smart TVs Spying On Us?
  • 21 hours Is Fossil Fuel Divestment A Waste Of Time?
  • 2 days A Russian Billionaire’s Space Quest To Save Humanity
  • 2 days Markets Take Breather As Consolidation Continues
  • 2 days Economic Woes Weigh On Copper Prices
  • 2 days World's Largest IPO At Risk Following Drone Strikes
  • 3 days Gold Is Beating Buffett’s Berkshire Hathaway
  • 3 days What’s Behind The Silver Sell-Off?
  • 3 days The Retail Apocalypse Is Accelerating
  • 3 days The Top Tech Stocks Of The Year
  • 4 days America’s Workforce Elderly Workforce To Double By 2028
  • 4 days Toyota Tests Solar-Powered Prius
  • 5 days Why The Gold Rally Flatlined
  • 5 days The Uranium Sector Can’t Catch A Break
  • 6 days Upcoming Fed Meeting Has Investors On Edge
  • 6 days Global Gold Sector Outlines Responsible Mining Principles
  • 7 days China’s Giant Vampire Fund Loses $120B
  • 7 days McDonalds To Roll Out Robot Drive-Thru Clerks
  • 7 days Savvy Investors Are Betting Big On This Little Data Company
The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to…

Contact Author

  1. Home
  2. Markets
  3. Other

USDCAD Elliott Wave Intraday View: More Downside Expected

Preferred Elliott wave view in USDCAD suggests that the pair is showing a 5 swing bearish sequence from 12/28 high, favoring more downside. Short term, decline to 1.2965 ended Minor wave W and Minor wave X bounce is proposed complete as a triple three structure where Minute wave ((w)) ended at 1.3102, and Minute wave ((x)) ended at 1.2976. Minute wave ((y)) ended at 1.3135, Minute second wave ((x)) ended at 1.307, and Minute wave ((z)) of X ended at 1.3212. The rally to 1.3212 ended cycle from 1/31 low (1.2965) and pair has since turned lower.

The decline from 1.3212 high is unfolding as a double three Elliott wave structure where wave (w) ended at 1.3089 and wave (x) is proposed complete at 1.3148. A break below (w) at 1.3089 is need to add validity that wave (x) is already over at 1.3148. Until then, a double correction in wave (x) towards 1.317 - 1.318 area can't be ruled out. Near term, while bounces stay below 1.3211, and more importantly below 1.3388, expect pair to resume lower. We don't like buying the pair and provided that pivot at 1/20 high (1.3388) stays intact, we expect pair to resume lower or at least pullback in larger degree to correct the cycle from 1/31 low (1.2965). If pair breaks below 1.3089, then the next target lower is 1.30 - 1.3027 area.


USDCAD 1 Hour chart

USD/CAD 1-Hour Elliott Wave Analysis Chart
Larger Image


Elliott Wave Degree

 


At Elliottwave-Forecast, we offer 24 hour coverage of 52 instruments from Monday - Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Trial to sample everything we have to offer.

 

Back to homepage

Leave a comment

Leave a comment