EUR/CAD Incomplete Sequence Keeps Sellers In Control

Elliott Wave Forecast Team ElliottWave-Forecast.com

In this blog, we are going to take a look at the Elliottwave chart of EURCAD. Based on the daily chart shown below, the pair is doing a correction in wave IV right now. The correction is unfolding as a double three and has an incomplete sequence. It has not reached the 100% -161.8% extension at 1.3531 – 1.4368 area. We are showing this area with a blue box. The blue box is the area where we expect the correction to end and buyers to appear for an extension higher or 3 waves bounce at least.

EUR/CAD Incomplete Sequence from March 20,2018

The daily chart shows that wave w of IV ended at 1.4795 low. The bounce in wave x ended at 1.5735 high. Currently, wave y is in progress. Wave ((W)) of y ended at 1.4575 low and wave ((X)) ended at 1.4995 high. Wave ((Y)) is unfolding as a zig-zag, where wave (A) ended at 1.4417 low and wave (B) ended at 1.4772 high. The pair can still extend lower as wave (C) remains in progress and has the scope to reach the blue box area. However, it needs to break below wave (A) low to confirm it.

EUR/CAD 2.3.2020 1 Hour NY Midday Elliott Wave Update

The chart from 2.3.2020 1 hour NY Midday update showed that wave 2 of (C) is unfolding as a zig-zag. Wave ((a)) ended at 1.4614 high and wave ((b)) ended at 1.4474 low. The 123.6% – 161.8% extension of wave ((a)) – ((b)) where wave ((c)) can end is at 1.4707-1.4738 area. The pair has already reached this blue box area. From there, we expected a 3 waves pullback at least or even an extension lower.

EUR/CAD 2.11.2020 1 Hour NY Elliott Wave Update

The chart from 2.11.2020 1 hour NY update showed that the pair has ended wave 2 at 1.4722 high, which is in the blue box area. From there, it has reacted lower, allowing members who sold at that area a risk free position. As long as the pivot at 1.4722 high stays intact, expect the bounce in 3,7,11 swings to fail. The pair then can continue to extend lower until it reaches the blue box area in the daily chart.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.