USD/CAD Elliott Wave forecasting the path and buying the dips

Elliott Wave Forecast Team ElliottWave-Forecast.com

In this article we’re going to take a quick look at the Elliott Wave charts of USDCAD, published in members area of the website. We have been favoring the long side in the pair. As our members know, the pair that has given us good buying opportunities recently. We recommended members to avoid selling the pair, while keep favoring the long side. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.

USD/CAD Elliott Wave 4 hour chart 11.09.2022

The pair made bounce from first set of equal legs. We got 3 waves bounce that allowed us to make long positions risk free + take partial profits. That trading setup has been explained in previous technical article. After reaction that unfolded in 3 waves, USDCAD made sharp decline and made new short term low. Now , the pair is showing lower low sequences from the peak suggesting wave ((4)) is still in progress. Correction looks incomplete and we expect to see more downside toward 1.3321-1.3019 which would be next buying zone. We don’t recommend selling the pair against the main bullish trend. Strategy is waiting for the price to reach next set of equal legs, before entering the long trades again. Invalidation for the long trades is break of 1.618 fib ext : 1.3019.

Quick reminder:

Our charts are easy to trade and understand:
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.

USD/CAD Elliott Wave 4 hour chart 11.28.2022

USDCAD reached buying zone at 1.3321-1.3019 area as expected. The pair found buyers at the Blue Box – buying zone and we are getting good reaction from there. Currently the price shows higher high sequences from the lows, suggesting next short term tech zone comes at 1.35847-1.3751. At that zone we can complete 3 waves up from the lows and see 3 wave pull back at least.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD holds firm near 1.1850 amid USD weakness

EUR/USD remains strongly bid around 1.1850 in European trading on Monday. The USD/JPY slide-led broad US Dollar weakness helps the pair build on Friday's recovery ahead of the Eurozone Sentix Investor Confidence data for February.

GBP/USD holds medium-term bullish bias above 1.3600

The GBP/USD pair trades on a softer note around 1.3605 during the early European session on Monday. Growing expectation of the Bank of England’s interest-rate cut weighs on the Pound Sterling against the Greenback.

Gold remains supported by China's buying and USD weakness as traders eye US data

Gold struggles to capitalize on its intraday move up and remains below the $5,100 mark heading into the European session amid mixed cues. Data released over the weekend showed that the People's Bank of China extended its buying spree for a 15th month in January. Moreover, dovish US Fed expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.

Cardano steadies as whale selling caps recovery

Cardano (ADA) steadies at $0.27 at the time of writing on Monday after slipping more than 5% in the previous week. On-chain data indicate a bearish trend, with certain whales offloading ADA. However, the technical outlook suggests bearish momentum is weakening, raising the possibility of a short-term relief rebound if buying interest picks up.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.