USD/CAD Elliott Wave Analysis Trading Lounge Day Chart
USD/CAD Day Chart
USDCAD Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Gray wave 1
Direction Next Lower Degrees: Gray wave 1 (started)
Details: Gray wave 5 of 5 completed, now gray wave 1 as a new downtrend started.
Wave Cancel Invalid Level: 1.39461
Analysis
The USD/CAD Elliott Wave Analysis on the daily chart indicates the market is currently in a trend mode, characterized by an impulsive wave pattern. The structure identified is gray wave 1, signaling the start of a new wave sequence.
In this analysis, the focus is on gray wave 1, which has just begun. This suggests the market is in the initial phase of a new impulsive trend. The prior wave, gray wave 5 of 5, appears to be completed, indicating the end of the previous upward trend phase and the beginning of a new downtrend.
Key Points
- Direction for Next Lower Degrees: Gray wave 1, highlighting the early stages of a new impulsive phase.
- New Downtrend Phase: Follows the completion of the final wave in the previous trend, marking a significant shift in market direction.
- Wave Cancel Invalid Level: Set at 1.39461. This level serves as a threshold for the current wave count. If the USD/CAD pair rises above this level, it would invalidate the current wave structure, implying that the anticipated progression from gray wave 5 of 5 to gray wave 1 may not be occurring as expected, necessitating a reevaluation of the wave count and overall market outlook.
Summary
The USD/CAD Elliott Wave Analysis on the daily chart indicates a market transition into a new impulsive trend phase with the initiation of gray wave 1. This follows the completion of gray wave 5 of 5, marking the end of the previous trend and the beginning of a new downtrend. The wave cancellation invalid level at 1.39461 is critical for maintaining the validity of the current wave structure. Any breach of this level would require a reassessment of the wave count and the future direction of the market.
USD/CAD Elliott Wave Analysis Trading Lounge 4 Hour Chart
USD/CAD 4 Hour Chart
Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Navy blue wave 3
Position: Gray wave 1
Direction Next Higher Degrees: Navy blue wave 4
Details: Navy blue wave 2 completed, now navy blue wave 3 is in play.
Wave Cancel Invalid Level: 1.39461
Analysis
The USD/CAD Elliott Wave Analysis on the 4-hour chart indicates the market is in a trend mode with an impulsive structure. The specific wave pattern identified is navy blue wave 3, suggesting a strong upward movement in the current market phase. The position within this structure is gray wave 1, indicating the market is at the early stage of this impulsive wave sequence.
The analysis details that navy blue wave 2 appears to be completed, and now navy blue wave 3 is in play. This transition from navy blue wave 2 to navy blue wave 3 marks a significant shift from a corrective phase to an impulsive phase, typically associated with strong market movements in the direction of the primary trend.
Key Points
- Direction for Next Higher Degrees: Navy blue wave 4. Once navy blue wave 3 completes, the market will enter a corrective phase of navy blue wave 4 before potentially continuing in the impulsive direction.
- Wave Cancel Invalid Level: Set at 1.39461. This level acts as a threshold for the current wave count. If the USD/CAD pair drops below this level, the existing wave structure would be invalidated. This would suggest that the anticipated progression from navy blue wave 2 to navy blue wave 3 may not occur as expected, necessitating a reevaluation of the wave count and market outlook.
Summary
The USD/CAD Elliott Wave Analysis on the 4-hour chart shows a market in an impulsive trend phase, with navy blue wave 3 currently in play following the completion of navy blue wave 2. The market is expected to move through navy blue wave 3, eventually entering a corrective phase of navy blue wave 4. The wave cancel invalid level at 1.39461 is crucial for maintaining the validity of the current wave structure. Any breach of this level would require a reassessment of the wave count and the market's future direction.
Technical Analyst:Malik Awais
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FAQs
The USD to CAD forecast for today is currently predicting the USD/CAD exchange rate to drop to $ 1.369108 in the next 24 hours, representing a -0.18% decrease.
Is USD CAD bearish or bullish? ›
USD/CAD is part of a very strong bearish trend. Traders may consider trading only short positions (for sale) as long as the price remains well below 1.3757 CAD. The next support located at 1.3709 CAD… USD/CAD 1.3681 CAD +0.01% > News08/07/2024 - 10:01 DailyForex posted a new video.
Is USD CAD a good pair to trade? ›
In conclusion, the currency pair USD/CAD is a highly traded popular currency pair. One of the most important reasons for trading this currency pair is its high liquidity. The best time to trade this currency pair is a time when its volatility is high.
What is the USD CAD analysis for forex? ›
USD/CAD Weekly Outlook
Firm break of 1.3976 will confirm resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149.
Is the Canadian dollar expected to rise or fall? ›
The Canadian Dollar is expected to trade at 1.39 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.41 in 12 months time.
What is the strongest currency in the world? ›
Kuwaiti dinar
You will receive just 0.30 Kuwait dinar after exchanging 1 US dollar, making the Kuwaiti dinar the world's highest-valued currency unit per face value, or simply 'the world's strongest currency'.
Will the Canadian dollar get stronger in 2024? ›
Highlights and Key Points: USD CAD Forecast 2024–2029
Today, 11.08. 2024, the USDCAD exchange rate is 1.37295 CAD per 1 USD. Many analysts project that the USDCAD's bullish rally, which started in December 2023, will continue in 2024. Most experts expect the asset price to remain between 1.4200 and 1.4420.
Why is CAD falling against USD? ›
Falling interest rates driving weaker CAD demand
The decrease in Canadian interest rates, potentially widening the interest rate differential with the US to a full 1.00% by July, is diminishing demand for the Canadian dollar.
What is the USD to CAD forecast for 2025? ›
USD/CAD Forecasts for 2025
Q1 2025: Most Bullish Projection: 1.41 (Trading Economics, WalletInvestor) Most Bearish Projection: 1.32 (ING)
What is the best trading pair for beginners? ›
Beginners might find the AUD/USD pair to be an excellent choice, since it is more predictable and less likely to spike or drop suddenly. In many studies, this pair has also been cited as one of the least volatile. In conclusion, the best currency pairs to trade for beginners are EUR/USD, GBP/USD, USD/JPY.
Frequently Asked Questions About Forex Currency Pairs
The EUR / USD is actually the best currency to trade, its the most liquid and cheap to trade and most of the moves are quite logical in a way, the EURUSD currency pair often has a negative correlation with USD / CHF and a positive correlation with GBP / USD.
What are the least manipulated forex pairs? ›
The least volatile currency pairs include currencies traded in large volumes with small price movements over a given period. Major currency pairs are highly liquid, so they are less volatile. The least volatile currency pairs include USD/CHF, USD/JPY, EUR/CHF, and USD/EUR.
When should I convert CAD to USD? ›
The top reasons for transferring CAD to USD include paying for studies overseas, purchasing foreign property, or settling an international invoice.
Should I sell in USD or CAD? ›
If you sell mostly to Canadians then it would be beneficial to list in CAD. Most sellers find that they sell mainly to the U.S. Also U.S. currency is recognized worldwide. Both are good reasons to list in U.S. funds. When the Canadian dollar was high we lost a little in the exchange wihen listing in U.S. funds.
Is the Canadian currency stronger than the US? ›
This means, in general, that a Swiss franc is stronger than a US dollar and a Canadian dollar is weaker than a US dollar.
What is the best time of day to convert USD to CAD? ›
Time of day and week: The foreign exchange market operates 24/5, and the best time to exchange currency can sometimes depend on market hours and liquidity. Generally, the highest liquidity and volume occur during the overlap of the New York and London trading sessions (approximately 8:00 AM to 12:00 PM EST).
What is the prediction of CAD rate? ›
Today's expected low - high CAD to INR forecast rates is INR 61.2736 - 61.2802. respectively. Change in CAD to INR rate from previous day is +0.17%. CAD to INR forecast rates for next 7 days, 30 days and 90 days are also provided in the above currency forecast table.
Is the USD to CAD exchange rate good right now? ›
US Dollar to Canadian Dollar Exchange Rate (I:USDCDENK)
US Dollar to Canadian Dollar Exchange Rate is at a current level of 1.373, up from 1.370 the previous market day and up from 1.350 one year ago. This is a change of 0.19% from the previous market day and 1.68% from one year ago.
