In this article we’re going to take a quick look at the Elliott Wave charts of USDCAD, published in members area of the website. We have been favoring the long side in the pair. As our members know, the pair that has given us good buying opportunities recently. We recommended members to avoid selling the pair, while keep favoring the long side. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.
USDCAD Elliott Wave 4 Hour Chart 11.09.2022
The pair made bounce from first set of equal legs. We got 3 waves bounce that allowed us to make long positions risk free + take partial profits. That trading setup has been explained in previous technical article. After reaction that unfolded in 3 waves, USDCAD made sharp decline and made new short term low. Now , the pair is showing lower low sequences from the peak suggesting wave ((4)) is still in progress. Correction looks incomplete and we expect to see more downside toward 1.3321-1.3019 which would be next buying zone. We don’t recommend selling the pair against the main bullish trend. Strategy is waiting for the price to reach next set of equal legs, before entering the long trades again. Invalidation for the long trades is break of 1.618 fib ext : 1.3019.
Quick reminder:
Our charts are easy to trade and understand:
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
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USDCAD Elliott Wave 4 Hour Chart 11.28.2022
USDCAD reached buying zone at 1.3321-1.3019 area as expected. The pair found buyers at the Blue Box – buying zone and we are getting good reaction from there. Currently the price shows higher high sequences from the lows, suggesting next short term tech zone comes at 1.35847-1.3751. At that zone we can complete 3 waves up from the lows and see 3 wave pull back at least.
Note: Some labelings have been removed in order to protect clients’ privileges.
Keep in mind that 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
Source: https://elliottwave-forecast.com/trading/elliott-wave-forecasting-path-buying/