USDCAD Elliott Wave Analysis Trading Lounge Day Chart
U.S. Dollar/Canadian Dollar (USDCAD) Day ChartUSDCAD Elliott Wave Technical Analysis
The analysis examines the USD/CAD currency pair using Elliott Wave Theory on a daily chart, focusing on a counter-trend phase. The market is identified in a corrective mode, indicating a temporary pullback within the broader trend.The primary wave structure under observation is navy blue wave 2, which follows the completion of navy blue wave 1. This signals the ongoing corrective phase before transitioning into the next impulsive wave.The current position resides within gray wave 3, a smaller wave nested inside the navy blue wave 2 corrective structure. This phase highlights the ongoing correction, which is expected to further develop before shifting to navy blue wave 3, marking the continuation of the impulsive upward trend.Key Level for InvalidationAn invalidation level is set at 1.34201. If the price reaches this level, the current wave count and corrective outlook will no longer be valid. This level serves as a critical threshold for risk management and confirms the corrective phase’s structural integrity.Summary
U.S. Dollar/Canadian Dollar (USDCAD) 4-Hour ChartUSDCAD Elliott Wave Technical Analysis
The analysis evaluates the USD/CAD currency pair using Elliott Wave Theory on a 4-hour chart, identifying a counter-trend phase. The market is currently in an impulsive mode within orange wave A, which represents the initial segment of a broader corrective movement.This phase follows the completion of navy blue wave 1 and marks the early stages of navy blue wave 2.The current position resides within orange wave A of navy blue wave 2, reflecting the first corrective leg. This movement is expected to continue within the current structure before transitioning to orange wave B, which represents the next stage of the correction at a higher degree.Key Level for InvalidationAn invalidation level is defined at 1.34201. If the price reaches this threshold, the current wave count and corrective outlook will no longer hold. This level is a critical reference point for risk management and confirms the structural integrity of the corrective phase.Summary
Technical Analyst: Malik AwaisMore By This Author:
