 In an update last week on the USD/CAD, I mentioned that the currency pair was ready to break below the congestion pattern, after completing 5 waves. We can still have waves 6 and 7 if the support holds. However, if the support fails, the… |
 The USD/CAD has been continuing sideways action, mainly between 1.08 and 1.0. In the last couple of months, the market started to develop a triangle congestion pattern. This shows the market at equilibrium in the middle of the range near 1.05/1.04. An Elliott Wave guide is that these congestion patterns usually last… |
 The 4H chart shows the market in a possible topping pattern near 1.0680. The USD/CAd has been in an uptrend and a channel, and there is a possibility of another bearish attempt towards the 1.08 area… |
 The daily chart shows that the USD/CAD has completed the Gartley mentioned in the video post (USD/CAD is the last pair discussed). The rally from 1.0135 area all the way to 1.0650 completes an AB=CD retracemnt pattern (another way to describe the Gartley). The RSI is breaking 60, but… |
 The Canadian Dollar has been very week. Looking at the daily chart, we see the market supported at 1.0138, 78.6% retracement of the rally from below parity. There was a positive reversal setup, and the RSI… |
 The Daily chart shows the USD/CAD pair in a positive reversal, suggesting an upswing towards 1.0860 again. The market was very strong at rejecting the recent decline from going below the 78.6% retracement level. Today’s sharp rally has… |
 The market is making my outlook for EUR/USD and USD/CAD invalid. It ran is extending its correction, and may be actually developing a reversal rally. Looking at the 4H time-frame, we can see that there is an engulfing pattern, suggesting some form of reversal whether minor or major… |
 This is an immediate followup of today’s USD/CAD post, Stalking USD/CAD as it Tests 1.10. This of course has not happened, as the pair is at the 1.0820 area. In the 15-min chart we can stalk this rally close and find confirmation of continuation, or clues of reversal… |
 One thing that should be noted about the USD/CAD is that it has been in a ranging mode. Yesterday’s post noted bearish signals and a possible decline towards 0.99, and possibly towards 0.96. |
 As mentioned in the latest Weekly Technical Update, I mentioned that the USD/CAD is meeting with resistance, and may see a decline in the short-term. As we take a look at the weekly chart… |