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

EURCAD

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

EURCAD

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

EURCAD

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.

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD hovers above multi-year lows amid coronavirus fears, ahead of ZEW

EUR/USD is trading just above 1.0820, the lowest since 2017, as the coronavirus outbreak is taking its economic toll on Apple among others. The German ZEW Economic Sentiment figure is eyed.

EUR/USD News

GBP/USD extends losses to sub-1.3000 area, UK unemployment rate in focus

GBP/USD stays mildly negative just below 1.30 while heading into the London open on Tuesday. UK’s Brexit negotiator shares the same view as PM Boris Johnson, increases the risks of hard departure. UK employment statistics will be the key to clarify on the BOE’s bearish bias.

GBP/USD News

Forex Today: Coronavirus takes a bite from the apple, Gold gains, Bitcoin bounces

The coronavirus outbreak's economic impact is growing as Apple, the iPhone maker has issued a warning that it is unable to meet its guidance due to production and issues and closed stores in China. The tech giant's announcement has been weighing on the market mood, pushing gold and the yen higher. 

Read more

Gold: Positive beyond six-week-old falling trendline

Gold prices take the bids above $1585, +0.35%, during the pre-European trading on Tuesday. The yellow metal recently broke a downward sloping trend line stretched from January 08. Early-month top on the buyer’s radar.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex Majors

Cryptocurrencies

Signatures