USD/CAD recovered in five waves from 0.9630 (low of 2012). We know that the five-wave pattern shows direction of a primary trend as Elliott Wave theory says. Therefore, we think that the decline from parity that has unfolded over the past two months is just temporary, which means it’s corrective and part of an incomplete bullish structure that started back in September. In fact, corrections are subdivided by three legs. And as long that's the case from 1.0057, we should be aware of a bullish reversal. Ideally, the pair will find a bottom for wave B) somewhere around the 0.9745 level where wave C equals to wave A measured in pips. So once wave B) bottoms, the market could recover back above parity. This outlook remains valid as long as the 0.9630 critical region is not breached.
USD/CAD" title="USDCAD" width="511" height="519">
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USD/CAD: Corrective Decline From 1.0057
Published 01/15/2013, 12:24 PM
Updated 07/09/2023, 06:31 AM
USD/CAD: Corrective Decline From 1.0057
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