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USDCAD Elliott Wave Analysis Trading Lounge 4 Hour Chart, 24 July 2023.

U.S.Dollar/ Canadian Dollar(USDDAD)  4 Hour Chart

USDCAD Elliott Wave Technical Analysis

Function:  Counter

Mode: New Impulsive

Structure: subwave 3

Position: Wave 1

Direction Next Higher Degrees:subwave  (3) continue

Details: Blue  Wave “3”  is likely to end 1.33635 . Wave Cancel invalid level: 1.31189

On 24th July 2023, the 4-hour chart of the U.S. Dollar/Canadian Dollar (USDCAD) pair is analyzed using Elliott Wave theory, indicating a counter-trend movement with a new impulsive mode. The function of the price movement is identified as counter, while the mode is characterized as new impulsive.

The current structure is recognized as subwave 3, with the position of the price wave designated as Wave 1. The projected direction for the next higher degrees is subwave (3) continuation.

The analysis provides further details, suggesting that Blue Wave "3" is likely to conclude around the level of 1.33635. Traders and investors are advised to closely monitor this price level as it could be a potential target for the impulsive wave.

It is essential to note that the wave count provided will lose its validity if the USDCAD price falls below the level of 1.31189.

As of the specified date, 24th July 2023, traders in the USDCAD market should carefully observe the counter-trend movement and the development of subwave 3 within the new impulsive mode. Trading counter-trend can be challenging and carries higher risks, so traders should exercise caution and utilize proper risk management strategies.

The analysis also hints at the continuation of subwave (3) in the higher degrees, suggesting that the impulsive move could persist in the coming periods. This information could be valuable for traders looking to capitalize on the potential momentum in the USDCAD market.

While Elliott Wave analysis provides insights into potential market patterns and price movements, it should be combined with other technical indicators and fundamental factors to form a well-rounded trading strategy. Economic data releases, geopolitical events, and shifts in market sentiment can significantly impact currency pairs like USDCAD, making it vital for traders to remain vigilant and adapt their strategies accordingly.

By staying informed and using a comprehensive approach to trading, traders can make more informed decisions and increase their chances of success in the dynamic foreign exchange markets. Proper risk management remains crucial in all trading endeavors to protect capital and manage potential losses.

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