USDCAD Extending Lower As Elliott Wave Impulse
USDCAD short-term Elliott Wave view suggests that the bounce to 1.2998 on 5/08 high ended primary wave ((2)). Below from there, primary wave ((3)) remains in progress as an Impulse Elliott Wave structure looking for more downside extension. In Impulse wave, the subdivision of wave 1, 3, and 5 is also an impulse structure of a lesser degree. On the other hand, wave 2 & 4 are corrective in nature i.e double, triple three, Flat etc. In the case of USDCAD, Intermediate wave 1, 3 and 5 are impulse with sub-division of 1, 2, 3, 4 & 5 in Minor degree.
Down from 1.2998 high, the pair ended intermediate wave (1) in 5 waves at 1.2725 low. Then the bounce to 1.2924 high ended intermediate wave (2) as zigzag and the correction against 5/08 high (1.2998). Below from there, Intermediate wave (3) of ((3)) is in progress looking for more downside extension as an impulse. Minor degree wave 1 of (3) ended in 5 waves at 1.2745 low and the bounce to 1.2911 high ended Minor wave 2 of (3) as a zigzag correction. Near-term focus remains towards 1.2733-1.2691, 100%-123.6% Fibonacci extension area of wave 1 & 2, to end the Minute degree wave ((i)) of 3 lower. Afterwards, the pair should bounce in Minute wave ((ii)) to correct the cycle from 1.2911 high before further decline resumes. We don’t like buying the proposed bounces.
USDCAD 1 Hour Elliott Wave Chart
The Canadian dollar seems a bit weak lately. Maybe it’s due for a correction.
1.30 could be tough to break, i think a correction is coming.
I’m planning to go short if it reached 1.3050.
I’m bearish on the pair, i think we can expect a 200SMA reach with the month.
The USDCAD finds a good resistance at the 1.3000 level, but a better resistance is at the 1.3123 peak. To the downside, the 200 day EMA at the 1.2784 level may act as support.
If it reaches 1.3250 i’ll probably be looking to sell short.
I was waiting to sell at 1.34, maybe next time.
1.3050 seems like a good buying opportunity.
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Perfect! That was a good bounce off support. Looks like it might finish the week with a bullish engulfing on the weekly, so more uptrend to come.
Neutral at the moment, but i think it’s looking bullish.
Looking to go long at 1.3160.
1.2920 would be a good point to buy.
I’m bearish on the pair until 1.2900.
Probably a good buy will be around 1.2970.
USD/CAD is in a strong uptrend that started in the beginning of February. Strong res 1.35.
USDCAD found solid support at 1.30, let’s see if it can hold and create enough momentum to continue the upside trend on the short term.
The resistance on the USDCAD continues around the 1.3100 level, but a breakout may take the price to the 1.3200 level. To the downside, the 1.3000 level may act as support.
Hello guys! I think the pair should test 1.2900 area before heading up beyond the limits of the daily channel. Here is a link to the newest article and chart I made: Autumn Express USD/CAD
1.2742 would be a good opportunity to go long.
