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EUR/CAD - 5th wave truncation points to weakness

FX:EURCAD   Euro Fx/Canadian Dollar
Hourly Chart pattern - Rising channel support

A break below rising channel support at 1.4731 (also hourly 100-MA) could result in a drop to 1.4697 levels. Hourly RSI is below 50.00, which would further add credence to a bearish break. Still, on a larger scheme of things, bullish invalidation would be seen only below 1.4485 (falling trend line on daily).

On the higher side, a break above rising channel hurdle (currently seen at 1.4846) would be required to bring in fresh bids.

5th wave truncated

As per Elliot wave study, a truncated fifth wave usually points to reversal of the trend.
5th wave truncation means failure of the 5th wave to move beyond high of 3rd wave. On the hourly chart, 3rd wave high stands at 1.4819, while the next bullish attempt ran out of steam at 1.4825. This is more or less pointing to 5th wave truncation.
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