EURCAD just refreshes itself for the Bull party

FX:EURCAD   Euro / Canadian Dollar
In my eyes there is some Bull party about to come and the EURCAD pair is just refreshing itself. So, I am not only throwing out theories but also try to justify it in the easiest, technical form possible. Now I do take fundamental events into consideration but only as such as they give an impuls but not set the agenda.

If you are a fundamental trader and don't like 'drawn' pictures you may as well step away now as it is about to become really technical ...

1. Overall Uptrend
First obvious factor that speaks for my setup is the overall bullish trend - clearly marked as a green channel on my chart, with an upper and lower edge. Currently we are crawling along the lower end without 'hurting' or even smashing it. That's a good sign. However, the price shouldn't deflate here but get a move on pretty soon to not let me hanging and look like a wet sock!

So taking the trend channel as a first indicator we are looking pretty good and aiming for 'at least' 1.6200 (recent high) if not higher!

2. Ichimoku Cloud
Right, before you can even think about it: I see and know that the Ichimoku on the daily timeframe is negative. Fair enough. However, if you want to trade a daily timeframe you should look on the Ichimoku on the weekly period to get an idea of the overlaying trend - et voila: Bullish! I am only looking for entry signals on the daily to trade the weekly, so if you want to trade for example H4 you should look at D1 to get an idea if you should look at long or short options.

3. Elliot Wave
I wouldn't call myself an Elliot wave expert but I do know what I am looking at and especially what I am looking for. So in this case I am not 100% sure if I got the count right but I am not looking for accuracy but if I am generally in the right direction. Taking both my first points into account I am pretty confident that I am on the right track.

No surprises
Just to be on the safe side: If I, however, got the whole call wrong I'll be out as soon as we drop through the current bottom area. If this is the case, please forget all the above you have just read ;)

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