Open trading account 
In this blog post I'm going to reproduce my analysis on USD/CAD. I've made this forecast this summer and my first target, above previous swing high 1.1300, was hit generating a nice 750 pips profit.
Here is what I had to say about USD/CAD back than: USD/CAD Uptrend Losing His Steam
"The current USD/CAD bullish trend is losing his momentum suggesting we have entered in a more prolonged type of correction especially since we have entered during the summer trading conditions, when volatility usually dry out and the market tend to stay in congestion.Also since mid 2012 USD/CAD has started trading inside an upward channel (see Figure 1)and current downward momentum suggest we're heading for a retest of lower border of the channel, where price should find some kind of support.
Based on Elliott Wave count we're still in the earlier inception of this trend as we barely completed a III wave upward move. It is not yet clear even if we finished wave III as current up leg may be only the wave 3 of III, so there are still more to debate about the current price structure. In Figure 2 you can see how the wave count should look like on the daily chart. Main levels remains 1.0650 strong demand level and to the upside we have 1.100 big round number which should cap any upside movement in coming weeks.
Figure 2.USD/CAD Daily chart with Elliot Wave count.
Now here we are 4 months later and yesterday after our target was hit (see Figure 3) the market has produced a nice reversal candle. From here on there are 2 scenarios we'll either have an five wave extension or we'll start producing and ABC correction, only time will tell and the price structure.
Daytrader21
Here is what I had to say about USD/CAD back than: USD/CAD Uptrend Losing His Steam
"The current USD/CAD bullish trend is losing his momentum suggesting we have entered in a more prolonged type of correction especially since we have entered during the summer trading conditions, when volatility usually dry out and the market tend to stay in congestion.Also since mid 2012 USD/CAD has started trading inside an upward channel (see Figure 1)and current downward momentum suggest we're heading for a retest of lower border of the channel, where price should find some kind of support.
Figure 1. USD/CAD Weekly chart. Upward Channel.
Based on Elliott Wave count we're still in the earlier inception of this trend as we barely completed a III wave upward move. It is not yet clear even if we finished wave III as current up leg may be only the wave 3 of III, so there are still more to debate about the current price structure. In Figure 2 you can see how the wave count should look like on the daily chart. Main levels remains 1.0650 strong demand level and to the upside we have 1.100 big round number which should cap any upside movement in coming weeks.
Figure 2.USD/CAD Daily chart with Elliot Wave count.
Now here we are 4 months later and yesterday after our target was hit (see Figure 3) the market has produced a nice reversal candle. From here on there are 2 scenarios we'll either have an five wave extension or we'll start producing and ABC correction, only time will tell and the price structure.
Figure 3. USD/CAD this days.
Best regards,Daytrader21
