Here's an update on EW structure of USDCAD . This time I labelled the structure from the middle - from the point with the highest momentum, then going further away into the top and the bottom of the move. This is supposed to give more accuracy to the analysis as this allows to avoid the risk of calling the final top five too early.
In my view the advance is still not finished. Based on the "right look" guideline and the current labeling we still need to see a properly sized wave (5) which is supposed to overshoot the previous high. I do believe this is still due and the movement we are currently tracing is still a correction in w(4).
Once w(5) is complete we are going to see a very spectacular move down, in sync with a rally in Crude. We are talking about a 1-year impulse that's about to end, so the correction which will happen after will be a very sweet opportunity to take advantage of.