ew-forecast

Correction On USDCAD Seems Completed; More Weakness In Sight

FX:USDCAD   U.S. Dollar/Canadian Dollar
USDCAD             has made a five wave of a decline from 1.4683 high which is a very strong evidence for a bearish trend . We are talking about black wave A/1, the first wave of this big new bearish cycle, followed by current slow and overlapping price movement that is either wave B or 2. So we know that sooner or later downtrend will resume, but the question is from where. Well, based on recent price developments we see pair headed higher, into final blue leg C, after a triangle correction in blue wave B-circled had been recognized. Ideally this whole corrective rally since April is in the process of reversing and continuing towards new lows from current levels.
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Aanmustaan
2 months ago
probably made to 61.8% is posible?
+1 Reply
TomPower Aanmustaan
2 months ago
@Aanmustaan, agreed but that being said the man has some beautiful charts
+1 Reply
ew-forecast PRO TomPower
2 months ago
@TomPower, Yes price may go to the 61.8 Fibonacci ratio. But still drop below current levels is possible.
Reply
TomPower ew-forecast
2 months ago
@ew-forecast, hugging that lower trendline
Reply
Aanmustaan
2 months ago
please count of wave c finaly
Reply
TomPower Aanmustaan
2 months ago
@Aanmustaan, looks like this consolidation is a 4th and then an impulse 5th to your 61.8 txt 1.36/7 then down
+1 Reply
ew-forecast PRO TomPower
2 months ago
@TomPower, Yes it could get there. Let's see
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