CyclicalWaves
Short

EURCAD; Corrective Rise To End Soon

FX:EURCAD   Euro Fx/Canadian Dollar
This pair is struggling to reach the upper limit of its ascending channel . This behavior is typical of counter-trend moves, so we expect this channel is forming through a 2nd wave which should be followed by a steep fall in the 3rd wave down.

Our time analysis indicates that there is little time left for the bulls to reach the top area of the channel so we might not see the shown area touched. In any case, a break below the 1.4728 level would be a definite signal that the bears have the upper hand again.

Good luck,

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