USD/CAD – Fibonacci meeting at 1.310 Levels

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USD/CAD Elliott Wave Structure is possibly revealing a Flat Pattern which seems to align with the Fibonacci measurements approximately around the 1.310 Level.

The big picture points towards the fact that USD/CAD has started a larger degree Correction labeled as Cycle Wave IV (green).

 

USD/CAD –Weekly Chart:

Elliott wave analysis 15-03-18 weekly chart

 

Elliott Wave Long-Term Analysis:

  • 18th Jan 2016 until 2nd May 2016 – The sell-off was is labeled as Intermediate (W) (red).
  • 2nd May 2016 until 1st May 2017 – Previous sell-off was corrected slowly for an entire year, this leading towards labeling the Channeling Complex Corrective as Intermediate (X) due to time cycles.

Moving in for a closer look, one may see that after the Complex Double Three in Intermediate (X) (red), the Bears gained control once more and continued the down-trend. This bearish Swing is labeled as Minor A (red).

 

USD/CAD –Daily Chart:

Elliott wave analysis 15-03-18 Daily Chart

Minor A (red) finalized on 8th Sep 2017 and the Corrective Structure of Minor B (red) commenced, which is labeled as a Flat Pattern.

 

Minor B (red) Elliott Wave & Fibonacci Analysis:

  • Flat Pattern is pointing towards the 61.8 Fibonacci Retracement of Minor A (red), which also coincides with the 100% Fibonacci Extensions of Minutes w & x (purple), but also with the 150-161.8% Fibonacci Extensions of Minuettes (a)&(b) (orange), projected levels of Minuette (c) (orange).
  • For this scenario to be taken into consideration, the Fibonacci Levels would be accompanied by a Bearish Divergence.

 

Bearish Levels in focus:

  • Moderate – 1.3100 with Invalidations @ 1.3400
  • Conservative – 1.3330 with Invalidations @ 1.3600

Projected Levels – 1.2800 / 1.2500 / 1.2200 / 1.1900 / 1.1600

*The present analysis is to be treated as simple market commentary and not as an investment advice or as a solicitation to trade. Please be aware of the real risk involved by trading financial instruments.

 

Many pips ahead,

RT

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