USDCAD Elliott Wave Analysis - Trading Lounge Day Chart
U.S. Dollar / Canadian Dollar (USDCAD) Day Chart Analysis
USDCAD Elliott Wave Technical Analysis
Function: Bearish Trend
Mode: Impulsive
Structure: Navy Blue Wave 3
Position: Gray Wave 3
Direction (Next Lower Degrees): Navy Blue Wave 3 (Started)
Details: Navy Blue Wave 2 appears completed, and Navy Blue Wave 3 is now in play.
Wave Cancel Invalid Level: 1.35931
The daily USDCAD Elliott Wave Analysis suggests a persistent bearish trend for the U.S. Dollar against the Canadian Dollar, characterized by an impulsive wave structure. Currently, the market is in Navy Blue Wave 3, signaling strong downside momentum. The previous phase, Navy Blue Wave 2, is considered complete, allowing the continuation of the downward movement.
The market is now progressing through Gray Wave 3, part of a larger trend within Navy Blue Wave 3. The initiation of Navy Blue Wave 3 implies that the bearish trend is gaining strength and may accelerate further as this wave unfolds.
In Elliott Wave theory, Wave 3 within an impulsive structure is typically the most powerful, meaning this downward move could gather pace. The critical level to monitor is 1.35931—if the price exceeds this point, the analysis would be invalid, requiring a reassessment of the current bearish outlook. As long as the price remains under this level, the bearish trend should continue.
Summary:
The USDCAD Elliott Wave analysis indicates a robust bearish trend driven by Navy Blue Wave 3. Traders should keep an eye on the 1.35931 invalidation level. If the price remains below this point, further declines in USDCAD are expected.
U.S. Dollar / Canadian Dollar (USDCAD) Pair 4-Hour Chart Analysis
USDCAD Currency Pair Technical Analysis
Function: Bearish Trend
Mode: Impulsive
Structure: Orange Wave 3
Position: Navy Blue Wave 3
Direction (Next Lower Degrees): Orange Wave 3 (Started)
Details: Orange Wave 2 appears completed, and Orange Wave 3 is now in play.
Wave Cancel Invalid Level: 1.35931
The 4-hour USDCAD Elliott Wave Analysis highlights a bearish trend for the U.S. Dollar against the Canadian Dollar. The ongoing impulsive structure is identified as Orange Wave 3, indicating strong downward momentum in line with the broader trend.
The market is currently positioned in Navy Blue Wave 3, and the focus is now on the recently started Orange Wave 3. The completion of Orange Wave 2 sets the stage for further declines, as Orange Wave 3 progresses.
Wave 3 within the Elliott Wave theory typically represents the strongest part of the trend, suggesting that USDCAD could experience increased downward pressure. Traders should monitor the key level of 1.35931—if the price surpasses this point, the bearish outlook would be invalidated.
Summary:
The USDCAD Elliott Wave analysis on the 4-hour chart points to a continuation of the bearish trend, led by Orange Wave 3. The 1.35931 invalidation level remains crucial—any movement above this point could signal a trend reversal, but below it, the bearish trend is likely to persist.
Technical Analyst: Malik Awais
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