#USDCAD 4 HR #ElliottWave Count

USDCAD 4 HR Elliott Wave Count

As I mentioned on the Daily chart I just posted, I am looking for a larger corrective bounce up toward the 1.3400 area.  

The pair is showing what could be nexted 1-2's here at the lows and will need to continue higher with shallow pullbacks if it is going to stay impulsive.  IF it can continue higher in a series of 4th and 5th waves I would look to go long on a 3 wave pullback. 

USDCAD 4 HR Elliott Wave Count

#USDCAD Daily #ElliottWave Count

USDCAD Daily Elliott Wave Count

I have this circle b wave labeled as complete at the lows but I do not think it is done just yet.  I do think we will see a sizable bounce that may be tradeable on a smaller time frame.  

Until the pair moves back above the 1.3400 area I think we will seea move lower into the 61.8% retrace. 

USDCAD Daily Elliott Wave Count

 

#USDCAD Daily #ElliottWave Count

USDCAD Daily Elliott Wave Count

The 1.3042 low gave so I am going with a failed C wave to complete the (b) wave and looking for the (c) wave down to complete near 1.2680.  

USDCAD Daily Elliott Wave Count

#USDCAD Daily #ElliottWave Count

USDCAD Daily Elliott Wave Count

From the 1.30422 lows there looks to be a Leading Diagonal so I am excepting this low to hold while the pair bounces to retest the top of the downtrend channel around 1.3400.  Below 1.30422 I would look for it to continue down toward the previous B wave low of 1.2780.  

USDCAD Daily Elliott Wave Count

 

#USDCAD Weekly - Daily & 4HR #ElliottWave Counts

USDCAD Weekly - Daily & 4HR #ElliottWave Counts

USDCAD Weekly


The Elliott Wave Count I am showing on the weekly chart is looking like a Leading or Ending Diagonal.  I do not have enough data to know for sure but I am going with the Ending Diagonal Version.  A break above the 2002 High of 1.5980 could make this a C wave of a larger degree B wave.  If that is the case I would except a move back down toward the .9000 mark over the coming years.

#USDCAD Weekly ElliottWave Count

USDCAD Daily Elliott Wave Count

From the wave (4) low near 1.20600, the USDCAD Daily Elliott Wave Count is showing an abc up for A followed by a Double Combo WXY down for B.  The (c) wave of y looks to be ending in and Ending Diagonal Formation.  A break above the 1.3145 would signal the end of this Ending Diagonal and possibly the start of the larger degree C wave up toward that 2002 high at 1.5980.

USDCAD Daily Elliott Wave Count

USDCAD 4 HR Elliott Wave Count

The 4 HR USDCAD Elliott Wave Count is showing the abc down for y of B.  The C wave looks to be playing out as an Ending Diagonal but the pair needs to break above the 1.3145 before we can have any confidence that the Ending Diagonal is complete.  It is very possible the spike up today is still part of the wave iv of the End Diagonal and we will see another low yet before higher.

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