From 31 July 20 EURCAD has been trading lower in what appears to be impulse 5 waves thats is clearly visible on the below 4Hourly chart.
The pair traded lower ending wave 1 in green (Minute) degree with a leading diogonal at 1.542 before we sawy a 3 wave WXY correction that ended wave 2 of same degree at 1.578 on 22 Dec 20. From there EURCAD found sellers in a Strong 5 waves impulse proposed to be wave 3 of same degree that lasted almost 4 months with over 1000 points, and ended at 1.472 on 01 April 21 swing low.
The pair bounced higher again in 3 waves proposed to be wave 4 that eneded 1.519 before it found sellers again. Now lets have a clear view on the 1Hourly chart below.
Just after the pair completed wave 4 in green (Minute) degree at 1.519 the pair fond sellers ending wave ( i ) in purple at 1.498 and bounced higher in 3 waves correction ending wave ( ii ) at 1.510 and sold off again over 500 points in what is proposed to be wave ( iii ) of same degree ending at 1.457 on 13 May 21. From wave ( iii ) low the pair has bounced higher in 3 waves abc which is proposed to have ended wave ( iv ) at 1.481 which is 38.2 Fib retracement level of wave ( iii ). Short term EURCAD while below 1.481 it should continue to trade lower in wave ( v ) purple of 5 in green with target around 1.4450.
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