On January 4 2021 we advised traders, in our members area, that EURCAD was in a position where the pair will make another move lower. Since December 22 2020, the pair has been pushing lower and has moved in a lower low/lower high sequence signalling a possible downside trend.
EURCAD 1 Hour Chart New York Update 1.4.2021
By looking at the chart above and following the 1 hour EURCAD Elliott Wave wave count a trader should wait for more confirmation that price will stall by watching out for a visible lower low/lower high sequence from the proposed black wave ((iv)) high. Once the lower low/lower high sequence was visible from the black wave ((iv)) peak, it signalled that a possible downside trend change could happen and I entered the SELL/SHORT trade with a set stop loss above the black wave ((iv)) high.
EURCAD 1 Hour Chart 1.5.2021
