In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of USDCAD. In which, the rally from 03 March 2022 low unfolded as an impulse sequence and showed a higher high sequence with a bullish sequence stamp. Therefore, we knew that the structure in USDCAD is incomplete to the upside & should see more upside to complete the impulse sequence. So, we advised members not to sell the pair & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
USDCAD 1 Hour Elliott Wave Chart
Here’s 1hr Elliott wave Chart from the 3/111/2022 London update. In which, the rally to $1.2901 high ended 5 waves from 3/03/2022 low in wave ((i)) & made a pullback in wave ((ii)). The internals of that pullback unfolded as Elliott wave zigzag correction where wave (a) ended at $1.2788 low. Then a bounce to $1.2841 high ended wave (b) & started the next leg lower in wave (c) towards $1.2728- $1.2658 blue box area. From there, buyers were expected to appear looking for new highs ideally or for a 3 wave bounce minimum.
USDCAD Latest 1 Hour Elliott Wave Chart
This is the latest 1hr Elliott wave Chart from the 3/15/2022 Asia update. In which the pair is showing a strong reaction higher taking place, right after ending the zigzag correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area.
Source: https://elliottwave-forecast.com/forex/usdcad-reacting-higher-blue-box-area/