CAD Monthly Chart
On the Monthly chart Loonie was descending since 2002 till 2011. During the first momentum phase of its major down trend the pair revaluated by a half. While the first wave took 6 years, the next correction lasted 18 months only and turned into the C wave in 2009. However, the last impulse came to nought and appeared as a trunkated C.
Slope Channel of the Monthly Chart
The slope channel (marked with a blue dashed line) protecting the whole bearish trend was punctured by bulls in January 2014. However, then they said this move up was the fourth correction that would be continued by the fifth momentum. A break of the Slope Channel was accompanied by response of AO Indicator of the older 4-months chart.
New Up Trend
The A momentum of the new up trend has two features of its strength. Firstly, it outperformed the previous B correction. And secondly, it was extended three times by sub-waves inside. Its elongation means that B correction should be drawn-out as well.
CAD Weekly Chart
The Weekly chart is showing the new A down that will be followed by B correction and C continuation. However, we do not see any signs of correction on the Weekly chart yet.
CAD 4-Hour Chart
The Daily Chart is not responsive now regarding the current correction that started in April. If we take a smaller chart available in MT4, e.g. 4-Hour, we will see that the wave A is too long and does not fit in 4-Hour.
CAD 12-Hour Chart
The 12-Hour Chart is more suitable at the moment. Please see how it did the A up, the B correction and now is busy developing the C momentum with some fluctuations on the level of sub-waves. However, the three-wave up move will continue untill its red dashed slope channel remains scatheless.