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

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USDCAD Elliott Wave Analysis Trading LoungeDay Chart,

U.S. Dollar / Canadian Dollar (USDCAD) Day Chart

USDCAD Elliott Wave Technical Analysis

• Function: Counter Trend
• Mode: Impulsive
• Structure: Gray wave 5
• Position: Orange wave A
• Direction Next Higher Degrees: Orange wave B
• Details: Gray wave 4 is now completed, and gray wave 5 is in progress.

Wave Cancel Invalidation Level: 1.35657

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The USD/CAD daily chart is currently showing a counter-trend movement, identified through Elliott Wave technical analysis. This counter-trend is unfolding in an impulsive mode, signaling a strong market direction. The structure under review is gray wave 5, which follows the completion of gray wave 4. With gray wave 4 now completed, gray wave 5 has started and is currently active.

At present, the market is positioned within orange wave A, which is part of the larger wave structure. Once orange wave A concludes, the next anticipated wave is orange wave B, which belongs to a higher degree of the wave sequence. This suggests that after the current impulsive phase of gray wave 5, the market could transition into a corrective phase, represented by orange wave B.

Additionally, the analysis provides a wave cancellation invalidation level of 1.35657. If the price reaches or exceeds this level, the current wave analysis would become invalid, necessitating a reevaluation of the market structure. It is advised that traders closely monitor this level to ensure the current wave pattern remains intact.

In summary:

• Gray wave 5 is now in play after the completion of gray wave 4.
• The market is situated within orange wave A, with orange wave B expected to follow.
• The wave cancel invalidation level is set at 1.35657, which serves as a key level for confirming the continuation of the current wave pattern or signaling the need for reassessment if breached.

 

U.S. Dollar / Canadian Dollar (USDCAD) 4-Hour Chart

USDCAD Elliott Wave Technical Analysis

• Function: Counter Trend
• Mode: Impulsive
• Structure: Gray wave 5
• Position: Orange wave A
• Direction Next Higher Degrees: Orange wave B
• Details: Gray wave 4 has completed, and gray wave 5 is currently in progress.

Wave Cancel Invalidation Level: 1.35657

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The USD/CAD 4-hour chart is currently showing a counter-trend movement, identified through Elliott Wave technical analysis. This movement is classified as impulsive, indicating rapid market progression in a specific direction.

The wave structure under analysis is gray wave 5, which follows the completion of gray wave 4. With gray wave 4 completed, the market has now entered gray wave 5, continuing the current trend. The market is currently positioned within orange wave A, part of the broader wave cycle, and orange wave B is expected to follow.

The next higher degree movement will be orange wave B, emerging after orange wave A completes. This suggests that after the current impulsive phase, a corrective phase (orange wave B) may develop.

The analysis highlights a critical wave cancellation invalidation level at 1.35657. If the market reaches or surpasses this level, the current wave structure and analysis will be invalidated, requiring a reassessment of the trend and wave pattern.

In conclusion:

• Gray wave 5 is currently in progress after the completion of gray wave 4.
• The market is positioned in orange wave A, with orange wave B expected next.
• Traders should monitor the invalidation level of 1.35657 to validate the current wave structure or adjust their analysis if this level is breached.

Technical Analyst : Malik Awais

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