Good day Traders and Investors. In today’s article, we will look at the past performance of 4 Hour Elliottwave chart of the Canadian Dollar ($USDCAD). The rally from 08.11.2021 low has unfolded as 5 swings and reacted lower but the rally from 01.06.2021 low is showing 3 swings so still missing one more leg higher. Therefore, we knew that the structure in $USDCAD is incomplete to the upside & should see more strength in 3 or 7 swings against 01.06.2021 low. So, we advised members to buy the bounces in 3, 7, or 11 swings at the blue box area. We will explain the structure & forecast below:
USDCAD 4H Elliottwave Chart 10.24.2022:
Here is the 4H Elliottwave count from 10.24.2022. The rally from 08.11.2021 low has unfolded as 5 swings and reacted lower but the rally from 01.06.2021 low is showing 3 swings which created a bullish sequence. We were calling for the pullback to find buyers in 7 swings at blue (Y) of ((4)) where we like to buy it at the equal legs at $1.352 with a stop at $1.332.
USDCAD 4H Elliottwave Chart 11.03.2022:
Here is the 11.03.2022 4H update showing the move taking place as expected. The currency has reacted higher from the blue box to reach the 50% back from black ((3)) allowing any longs to get risk free shortly after taking the position.
