Hello traders,
USDCAD fully unfolded wave IV as part of a bigger, bullish cycle up from 2011 lows, and proceeded to trade into a wave V. Wave V is also an impulse, so be aware of five legs to the upside, with first wave 1 already completed. We are now observing a wave 2 correction in progress, which can look for support/bullish turn near the Fib. ratio of 50.0/61.8 (1.30/1.25 region). Also, we labelled a possible Head&shoulder formation, which suggests a bounce near 1.30/1.25 region.
USDCAD, weekly
Trade well,
The EW-Forecat team.
Also, check our latest video on Crude oil and its connection with the S&P500. -> https://www.youtube.com/watch?v=N8hpAPIRlxw
