USDCAD rose significantly this past week, climbing from 1.2512 at the open to as high as 1.2949 Friday. The surge can be attributed to the slide in crude oil prices. Oil and USDCAD are known to have an inverse correlation due to the heavy reliance of the Canada’s economy on the commodity. And while the…
GBPCAD Can Reach 1.9000 Before the Bears Return
GBPCAD bulls have been on a roll the past four months. The pair is currently trading above 1.7330, up 9.1% from its early-August low of 1.5875. And while the Forex market is not the place to rely on a trend for very long, it is not uncommon for GBPCAD to make large moves in either…
USDCAD Bears Paying the Price for Failing at 1.3069
A week ago, USDCAD was barely holding above 1.3100. The pair was still in the doldrums following a steep decline from its late-December high of 1.3665 and it appeared the bears had no intention of leaving. But in order to confirm their ambitions to drag USDCAD even lower, they first had to deal with the…
USDCAD Rewards the Most Patient Among Bulls
USDCAD climbed to 1.3318 yesterday and seems determined to reach a new 2018 high. The most important reason for the decline in the Loonie is maybe the decline in the price of oil. Unlike crude’s sharp drop, however, USDCAD’s recovery did not develop so smoothly. For every step forward the bulls have been making one…
USDCAD Unreliable Resistance Identified in Advance
After slightly exceeding 1.3000 on October 8th, USDCAD retreated to 1.2926 two days later. Given that the pair has been declining since the 1.3386 top registered in late-June, assuming the bears are returning was quite justified. In addition, there was a declining trend line, which had previously led to significant selloffs on two separate occasions.…
GBPCAD ‘s Rally Needs a Healthy Pullback
October is shaping up to be a good month for GBPCAD bulls. The pair dipped below 1.6600 on October 2nd, but quickly reversed to the upside for a recovery of over 470 pips so far. Earlier today the Pound climbed to as high as 1.7070 against the Canadian dollar. However, extrapolating the current trend into…
A Week of Trend Reversals in the Forex Market
The Forex market was very interesting to observe last week. Major news like the Non-Farm Payrolls report in the U.S., the new trade deal between the USA, Canada and Mexico, and Bank of Japan’s determination to keep fighting deflation all contributed to an eventful five days in the world’s largest market. News and events is…
USDCAD Down After a Tricky Elliott Wave Pattern
USDCAD climbed to 1.3290 on July 19th, but instead of lifting the pair even higher, the bulls lost momentum. A bearish reversal followed as a result. By July 25th, when we had to send our next update to subscribers, USDCAD was down to 1.3135. Was it a buy-the-dip opportunity or the beginning of a bigger…
USDCAD Lost Over 300 Pips in Two Weeks. Here is Why
USDCAD climbed to 1.3386 on June 27th, which was its highest level in over a year. But instead of moving on to 1.3400 and above, the bulls stepped aside and allowed the bears to drag the pair to as low as 1.3077 on July 6th. And while this slump can be explained with the surge…
AUDCAD Bulls Not Giving Up on Their Parity Dreams
Nine days ago, while AUDCAD was trading at 0.9820 on June 20th, we found a textbook 5-3 Elliott Wave pattern on its hourly chart, which suggested the bulls were going to lift the pair to parity in the next couple of weeks. And indeed, a rally occurred shortly after, but the resistance near 0.9930 did…
AUDCAD Paving the Elliott Wave Road to Parity
Yesterday, we wrote about a pattern spotted on the chart of the Australian dollar against the New Zealand counterpart. Today, the Aussie is once again in focus, but this time against another one of its major rivals – the Canadian dollar. AUDCAD fell from 0.9935 to 0.9739 in just ten trading days this month. But…
USDCAD Walks the Path to Month-Old Target
USDCAD bulls proved how stubborn they could be by lifting the pair to a one-year high, despite the numerous bearish interventions along the way. During the last month, USDCAD has been slowly progressing in a choppy and overlapping manner as U.S. – Canada relations took a turn for the worse following the G7 summit. The…
EURCAD Bulls Setting Up a 400-Pip Recovery?
The European currency has had a tough time recently, losing ground against major rivals like the U.S. dollar and the Japanese yen. Here we are going to examine the Euro’s drop against the Canadian dollar, which has been in progress since March 20th, when EURCAD climbed to a multi-year high of 1.6153. The last time…
USDCAD Selloff: Non-Farm Payrolls Just an Excuse
The last time we wrote about USDCAD, it was hovering around 1.29, after a decline from 1.3125. In a video, published on March 28th, we demonstrated how Elliott Wave traders got ahead of the bearish reversal that occurred a week earlier. Two weeks later now, the bulls are yet to find a way to fight…
USDCAD Bears Land a Heavy, but Predictable Punch
1.2900 has been a tough nut to crack for USDCAD bulls. First, they failed to breach it in late-October 2017. Then they tried again a month later, but the attempt was once again unsuccessful. The third try was in mid-December 2017, but after a swift touch of 1.2921, the pair plunged to as low as…
