USDCAD Producing A Strong Reaction Higher From Equal Legs Area
In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of (USDCAD) . In, the rally from 15 November 2022 low unfolded in a corrective sequence but provided an extreme trading opportunity. In this case, the pullback managed to reach the equal legs area & provided a buying opportunity. So, we advised members not to sell it but to buy the equal legs area for a minimum reaction higher to happen. We will explain the structure & forecast below:
USDCAD 1-Hour Elliott Wave Chart From 12.13.2022
Here’s the Elliott wave Chart from the 12/13/2022 Asia update. In which, the rally to $1.3700 high ended the wave (W) & made a pullback in wave (X). The internals of that pullback unfolded as Elliott wave flat structure where wave A ended at $1.3558 low. Then a bounce to $1.3691 high ended wave B & started the next leg lower in wave C towards $1.3549- $1.3461 equal legs area. From there, buyers were expected to appear looking for new highs ideally or for a 3-wave bounce minimum.
USDCAD 1-Hour Elliott Wave Chart From 12.17.2022
Above is the Elliott wave Chart from the 12/17/2022 Weekend update. In which the pair is showing a reaction higher taking place from the equal legs area. Right after ending the zigzag correction. Allowed members to create a risk-free position shortly after taking a long position. Since then the pair has managed to make a new high above $1.3700 high confirming the next extension higher.
Source: https://elliottwave-forecast.com/forex/usdcad-producing-strong-reaction-higher-equal-legs-area/
On the date of publication, Elliott Wave Forecast did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
