Elliott Wave Analysis: Anticipating an Upward move in USDCAD

Jun 3

Hello Traders,

Trust you are great.
Below is my Elliott wave analysis of USDCAD currency pair

Analysis:
The structure of the USDCAD currency pair suggests the formation of an irregular Flat corrective pattern. The initial Wave A has taken the form of a leading diagonal, moving downward.

Current State:
Wave B appears to have completed its formation. The next expected movement is the formation of Wave C.

Expectation:
An impulsive Wave C is anticipated to move upward towards the 1.37445 - 1.38147 region before a subsequent decline.

Invalidation level for the upside projection: 1.3605.

Cheers!

Jun 3

Note

UPDATE: Invalidation area adjusted. Idea still appears valid.



Let's see.

Jun 5

Note

The pair did just as predicted. It has done over 100pips so far.

Jun 5

Note

Now, reversal can occur any moment from now. Be on the lookout for confirming price action.

Cheers guys.

Jun 10

Note

USDCAD did +117pips.

Jun 10

Trade closed: target reached

Jun 11

Note

UPDATE: Reversal to the downside supported by bearish Gartley. First target is 1.36720.

Jun 12

Note

UPDATE: After the completion of initial upward move, price dropped by +85pips just as predicted.
Elliott wave projection:

Harmonic projection: