EUR/CAD Eying New Highs After NFP Correction

Ville Vainio

June 5, 2015 @ 2:33 pm – NFP release triggered a decline on EUR/CAD and I have labelled this as minute wave 4 (which may still decline further). 1.37485 is the peak of minute wave 1 and this 4th wave cannot move below that level without breaking Elliott wave rules. There is still room for this to go lower without breaking any rules and when this minute wave 4 has found its lowest point, I am expecting minute wave 5 to take over and take EUR/CAD towards new short term highs.

June 4, 2015 @ 2:17 pm – EUR/CAD has pushed higher today and then turned down. I have labelled this peak as minute wave 3 and am looking for a corrective move down next. This minute wave 4 correction is likely a sideways correction and should find support near 1.39 level. After this minute wave 4 has found its bottom, 5th wave will start and takes this pair towards new short term highs. This Greece loan issue is on the news again so be careful on Euro pairs since there can be volatile moves.

June 3, 2015 @ 2:13 pm – Euro has continued strong today and this has pushed EUR/CAD higher. My preferred wave count supports this direction and sees this advance as minute wave 3 of minor wave C. I am a little concerned about the previous minute wave C of minor wave B since it seems to be a 3 wave structure. There is a possibility that I am a little ahead on this wave count but I am going to retain this count for now.

EUR/CAD 4 Hour Chart

EUR/CAD Daily Chart