EUR/CAD looks like it is forming a real nice sell opportunity on 2 time frames. The main chart is the 4 hour. Here there is a 5 wave impulse (wave 1) with a complex WXY correction (wave 2)
Wave 2 retraced 50% of wave 1 Wave Y = 78.6 % of wave W
In addition we can see that the RSI has held the 60-70 bear resistance indicating that the move up is a pull back.
Using reverse fibonacci I have targets of 1.4395 and 1.4274
In addition there is confirmation of this on the 15 minute chart below
Here we can see another 5 wave impulse but this time with an ABC correction. Again the RSI bear resistance has been held and there is clear divergence between waves A and C We can also see that this looks to be forming a head and shoulders formation.
Selling a break of the trend line here allows for better risk reward.
Please like and follow if you agree with the idea.
I will agree to this. Based on my Monthly Data, AUD, NZD (Twin Currency Pair) and the Hybrid Twin for AUD & NZD, which is CAD will be really strong. CAD will create a new long and break the first resistance for this pair. Good Chart!
SaltyDog
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Yep, like this one too
Olu
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I like this idea. I think it is a similar situaton to eurusd