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


Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.