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Elliott Forecast

Daud Bhatti

Elliott Wave View: USDCAD Rally Expected to Fail

July 26, 2023 By

Short Term Elliott Wave view in USDCAD suggests wave 2 ended at 1.338. The pair has extended lower within wave 3 with internal subdivision as a 5 waves impulse structure. Down from wave 2, wave (i) ended at 1.326 and rally in wave (ii) ended at 1.33. Pair then extended lower in wave (iii) towards 1.3139 and rally in wave (iv) ended at 1.3199. Pair made a final leg lower in wave (v) towards 1.3089. This completed wave ((i)) in higher degree.

Wave ((ii)) rally is in progress with internal subdivision as a . Up from wave ((i)), wave (a) ended at 1.3232 and wave (b) pullback ended at 1.311 as an expanded flat. Down from wave (a), wave a ended at 1.3157, wave b ended at 1.324, and wave c lower ended at 1.311 which completed wave (b). Wave (c) is now in progress as a 5 waves. Up from wave (b), wave i ended at 1.322 and wave ii ended at 1.3145. Expect pair to extend higher in wave iii of (c), followed by wave iv pullback, and final wave v higher. Potential target higher is the blue box area of 1.3269 – 1.336 before it resumes lower. As far as pivot at 1.3385 high stays intact, expect the rally to fail at the blue box for further downside.

USDCAD 60 Minutes Elliott Wave Chart

USDCAD Elliott Wave Video

Source:-forecast.com/news/elliott-wave-view-usdcad-rally-expected-fail/

26/07/2023 1 EN

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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 thousands of clients. ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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Daud Bhatti

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