Recently I've made this prediction in the Technical Contest which I want to share it here as well, you can find that post here: USD/CAD Resuming the Uptrend (part 2 )

Last year I've posted my prediction in the Technical Analysis contest about USD/CAD, and at that time I said that USD/CAD is on the verge for a big upside movement. You can check out my prediction here: USD/CAD Resuming the Uptrend

Nothing much has happen since than except the fact that now we have broke from previous multi year trading range above 1.0800 see Figure 1 red upper resistance line. It can bee seen that we have been moving in an 1400 pip range for the course of the last years and if we project this to the upside we should see price traveling in distance at least 1400 pips to the upside.
  • Figure 1 USD/CAD Weekly chart.
In Figure 2 you can see the short term action and how the Elliot Wave count looks like:



Now please check your USD/CAD current price action it has exploded to the upside and it proved to me that my analysis was correct. Don't forget we're still in a strong uptrend so expect momentum to push in the direction of main trend.

Best Regards,
Daytrader21.
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