Firstly the FXC instrument inception date was 6/26/2006. The instrument tracks changes of the value of the Canadian dollar relative to the U.S. dollar. It increases in value when the ‘loonie’ strengthens and declines when the dollar appreciates. In January 2002 the USDCAD forex pair made an all time high at 1.6184. Then it saw a decline into the November 2007 lows at .9059 where it is thought to have ended correcting the cycle up from the all time lows. That translates to the 113.02 price high from November 2007 in FXC.  This is where the analysis begins on the FXC monthly chart shown below. The analysis continues below the FXC Monthly chart.

Secondly as previously suggested the FXC instrument mirrors USDCAD  price highs and lows inversely. The decline from the November 2007 highs in FXC appears to be a complete Elliott Wave five wave impulse although it does have some price overlap as would a diagonal. The wave III ended in January 2016 then saw a zig zag wave structure in wave IV that ended in September 2017 correct the cycle from the July 2011 wave II highs.

In conclusion: As the chart suggests, the instrument appears ended a larger cycle lower in wave V of (C) to complete a flat wave ((B)) in March 2020. The bounce from there can be corrected at any time however as of this point in time it appears incomplete and can see some further strength toward the 83 to 84 area before it corrects the cycle up from the March 2020 lows. While above the March 2020 lows it should resume higher again.

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.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD retains weekly gains trades above 1.2000

EUR/USD peaked at 1.2079, now stable in the 1.2030 region. The shared currency holds on to recent gains despite renewed demand for its American rival.

EUR/USD News

GBP/USD retreats from 1.40 despite upbeat UK job figures

GBP/USD is extending its falls after retreating from 1.40 as the dollar edges higher. Earlier, the UK reported a drop in the unemployment rate to 4.9%, better than expected. The Claimant Count Change also beat estimates with 10.1K. 

GBP/USD News

XAU/USD clings to modest gains around $1,780 despite USD strength

The XAU/USD gained traction in the early American session and climbed to a daily high of $1,780. Although the greenback started to gather strength in the second half of the day, the pair stayed relatively resilient and was last seen rising 0.35% on the day at $1,778.

Gold News

WeWork and Venmo join the Bitcoin craze while prices consolidate

The announcement by WeWork that it will begin accepting payments in select cryptocurrencies, including Bitcoin, Ethereum, USD Coin, Paxos, and several others, is another sign of adoption and follows the decision by Tesla to do the same

Read more

Bank of Canada Preview: Dovish surprise to lift USD/CAD

The Bank of Canada is widely expected to keep its policy rate unchanged at 0.25% on Wednesday. However, the improving economic outlook and recent remarks from officials suggest that the BoC could become the first major central bank to lay out a roadmap out of the ultra-loose policy.

Read more

Majors

Cryptocurrencies

Signatures