Lets go to Wikipedia for some help…

Expectations:

• The act or state of expecting or looking forward to an event as about to happen.
• That which is expected or looked for.
• The prospect of the future; grounds upon which something excellent is expected to occur; prospect of anything good to come, esp. of property or rank.
• The value of any chance (as the prospect of prize or property) which depends upon some contingent event.

Expectancy:

• expectation or anticipation; the state of expecting something
• the state of being expected, or something expected

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I am currently reading “The Shack” by William Young, in this book it talks about living in a state of expenctancy in relationships verse pressing expectations on relationships which cause laws and rules to come into play.  I would much rather live my life going forward in a state of EXPECTANCY then with expectations, it seems much more free.