TheLFB-Forex.com A Forex Trader Portal
Elliott Wave Charting
The primary wave count on the daily Usd/cad chart is showing early stages of a huge uptrend, since the 1.0205 lows were reached. We are looking for a completed black wave II at 1.0223, followed by a Sharp wave (1) which was reversed recently at 1.0779 by a corrective wave (2).
This scenario suggests an uptrend continuation into a powerful wave (3) once 1.0779 resistance is taken out, and 1.0223 holds.
The alternative scenario is that the pair has been forming a triangle pattern since August, which will drive prices down to the 1.0000 zone, if the lower support line of a possible triangle formation is taken out at any time.
If you would like to be a part of TheLFB.com, to receive a full Elliott wave detail for Usd/Cad (monthly, weekly, daily and 4h charts) and if you want to know what comes next and what to expect from the market, then join us now.
Follow Elliott Wave charts and updates on twitter.
Disclosure: no pos.