ew-forecast

EW ANALYSIS: EURCAD Just Started A Three-Wave Correction

FX:EURCAD   Euro / Canadian Dollar
Hello traders! Today we will talk about EURCAD!

Well, looking at the 4-hour chart, it's trading impulsively bearish , but in the last couple of weeks price has slowed down, which gave us an idea of a completed five-wave drop , where fifth wave was an ending diagonal . regardin EW, when ending diagonals fully complete, usually sharp and impulsive reversals occur and seems like it's just happening!

That said, we believe that EURCAD may start recovering into a bigger three-wave A-B-C correction, so watch out for more upside here back to 1.5220 – 1.5300 resistance area , where bears may show up again!

If from any reason goes higher or more complex, we remain bearish as long as it's trading below 1.5640 invalidation area!

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Comment: EURCAD made our day!
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