Forex

EURCAD Is Unfolding A Bullish ImpulseJan 6, 2023

EURCAD is unfolding a bullish impulse, as we see it moving sharply and impulsively up from Elliott wave perspective.

EURCAD currency pair is in a massive rally since August 2022 and the main reason is strong EUR currency and bearish oil market, which has weakened Canadian dollar. Looking at EURCAD 4H chart, we can see it unfolding a bullish impulse, which should be made by five waves in Elliott wave theory.

EURCAD Is Unfolding A Bullish Impulse 4-hour chart
EURCAD 4-Hour Chart

After recent impulsive five-wave bullish cycle of the lower degree within extended wave 3 and above base channel resistance line, we can now see it slowing down within a three-wave a-b-c pullback for wave 4 that can retest base channel resistance line as a support before a bullish continuation within wave 5. Ideal support is around 1.42 – 1.41 area.

EURCAD Is Unfolding A Bullish Impulse Basic Chart
Bullish Impulse Basic Chart

AUDNZD currency pair is forming bearish setup. Check our chart HERE

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