U.S.Dollar /Canadian Dollar (USD/CAD) Forex Elliott Wave Technical Analysis

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USDCAD Elliott Wave Analysis Trading Lounge Day Chart,

U.S.Dollar /Canadian Dollar (USD/CAD) Day Chart

USD/CAD Elliott Wave Technical Analysis  

FUNCTION:  Counter Trend

MODE: impulsive                                              

STRUCTURE:red wave 3

POSITION:blue wave C

DIRECTION NEXT HIGHER DEGREES:red wave 4

DETAILS red wave 2 of C completed at 1.37634, now red wave 3 is in play.

Wave Cancel invalid level:1.37634

 

The USD/CAD Elliott Wave analysis on the daily chart offers an insightful perspective on the current market movements for this currency pair. The primary function of this analysis is identified as a counter trend, indicating that the present movements are contrary to the larger prevailing trend. The mode of the wave structure is classified as impulsive, which points to strong and decisive price actions that characterize this phase of the market.

 

The primary structure identified within this analysis is red wave 3, a crucial segment in the Elliott Wave sequence that typically involves significant and sustained price movements. Within this structure, the current position is blue wave C, indicating that this part of the cycle is actively unfolding.

 

Looking ahead, the direction for the next higher degrees points towards red wave 4. This projection is significant as it anticipates a corrective phase following the impulsive movements of red wave 3. Red wave 4 usually involves some retracement of the previous gains, which is an essential aspect of the market's natural ebb and flow.

 

Key details within this analysis highlight that red wave 2 of the current wave C structure has been completed at a specific level. This completion sets the stage for red wave 3 to be in play now, marking a particularly dynamic phase in the Elliott Wave cycle. This phase often represents powerful and strong market movements, either upward or downward.

 

An important aspect of this analysis is the wave cancel invalid level, set at a specific price point. If the market price moves beyond this level, it would invalidate the current wave count and necessitate a reassessment of the wave structure. This invalidation level serves as a crucial checkpoint for confirming the accuracy of the Elliott Wave pattern and the expected market behavior.

 

In summary, the USD/CAD pair is currently experiencing an impulsive counter-trend phase within red wave 3 on the daily chart. With red wave 2 of C completed, the market is now in the dynamic phase of red wave 3. Expectations point towards transitioning to red wave 4 next. Monitoring the invalidation level is essential for validating the current wave structure and future market projections.

 

 

USDCAD Elliott Wave Analysis Trading Lounge 4 Hour Chart,      

U.S.Dollar /Canadian Dollar (USD/CAD) 4 Hour Chart      

USD/CAD Elliott Wave Technical Analysis  

FUNCTION:  Counter Trend

MODE: impulsive  

STRUCTURE:black wave 3

POSITION:red wave 3

DIRECTION NEXT HIGHER DEGREES:black wave 4

DETAILS black wave 2 of 3 completed at 1.36781, now black wave 3 of red wave 3 is in play.

Wave Cancel invalid level:1.37634

 

The USD/CAD Elliott Wave analysis on the 4-hour chart provides a detailed view of the current market dynamics for the currency pair. The function of this analysis is identified as a counter trend, indicating movements that go against the prevailing larger trend. The mode of the current wave structure is described as impulsive, suggesting strong, decisive price movements.

 

The primary wave structure identified is black wave 3, which is a critical phase in the Elliott Wave sequence, typically involving significant price movements. Within this structure, the current position is red wave 3, indicating an active phase where substantial price shifts are expected.

 

In terms of direction for the next higher degrees, the analysis projects a transition into black wave 4 after the completion of the current wave. This projection is crucial as it anticipates a corrective phase following the impulsive movements of black wave 3, which usually involves some retracement of the previous gains.

 

Key details of the analysis highlight that black wave 2 of the current sequence has been completed at a specific level, setting the stage for black wave 3 of red wave 3 to be in play now. This phase is particularly significant as it often represents one of the most powerful and dynamic parts of the Elliott Wave cycle, involving strong upward or downward movements.

 

The wave cancel invalid level is an important aspect of this analysis, set at a specific price point. If the market price moves beyond this level, it would invalidate the current wave count and necessitate a re-evaluation of the wave structure. This level acts as a critical checkpoint to confirm the accuracy of the Elliott Wave pattern and the expected market behavior.

 

In summary, the USD/CAD pair is currently in an impulsive counter-trend phase within black wave 3 of red wave 3 on the 4-hour chart. With black wave 2 completed, the market is experiencing the dynamic phase of black wave 3, with expectations of transitioning to black wave 4 next. Monitoring the invalidation level is essential for validating the current wave structure and future market projections.

 

Technical Analyst : Malik Awais

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