It’s been another week USDCAD bulls would like to forget. The pair is currently below 1.3130 and has lost over 150 pip since the opening of the market on Monday. The pair actually dropped below 1.3100 earlier today. The sudden drop of the US dollar against Loonie is attributed to higher oil prices, and a June inflation rate that was lower than expected.
Although we believe in the importance of studying and understanding history, the satisfaction that comes from predicting the future far outweighs the study. In fact, the two seem to be inseparable. It is impossible to achieve the latter without completing the former. USDCAD is a good example. The path that the pair has already taken helps us to predict its next few steps.
Elliott Waves can also be seen in the stock, crypto and commodity markets. Learn to identify these patterns with our Elliott Wave Video Course.
This chart was shared with Elliott Wave Pro subscribers just before the opening of the market. on June 26th. The pattern revealed that Elliott Wave Analysis also put us in front of the decline, which looked like a five-wave impulse. Labeled i-ii-iii-iv-v, the pattern indicated that once wave ‘v’ was over, a three-wave recovery…