USDCAD Moves Like It Is Programmed
EWM Interactive | Oct 13, 2016 08:56AM ET
The week did not start well for USDCAD, which declined to 1.3139 on Monday, October 10th, but the bulls managed to regroup and pushed the pair back up to 1.3306 so far. It looks like the rate is going to reach a new multi-month high soon. However, it is a little hard to profit from past price movements. In order to take advantage of the price action, traders have to be able to anticipate it. That is what the ending diagonal . Below you can see an updated 4-hour chart of USDCAD.
Wave 3 of (c) terminated at 1.3312. Then the pair took a step back in wave 4, before the uptrend resumed in wave 5, which still seems to be in progress. As visible, USDCAD’s behavior could be predicted. You can even think it has been programmed to move this way by some superior intellect with Elliott Wave affinity. Relax, it was not. It is just following the Wave principle’s rules and guidelines, which derive from people’s own emotions. It turns out, Elliott Wave analysis allows you to catch a glimpse of the crowd’s collective brain. And it is a massive advantage.
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