Weekly Chart

USD/CAD on a weekly chart is heading down in the 1st impulse bearish wave.


3-Day Chart

As we have said previously the main down move got a bullish correction as the B wave on a smaller 3-day chart. From this time frame’s point of view this wave is still developing.


16-Hour Chart

The aforementioned B correction wave on a 3-day chart has a complex structure that becomes vaguer on a smaller 16-hour time frame. The chocolate lines of a 16-hour chart show a 5-wave flat correction structure with a recent bearish subwave within the 5th bullish wave. The main line of the Awesome Oscillator (AO) has already crossed the zero line and we have to watch depth of correction of the AO to determine a level of this wave as one of the signals showing that the bullish move is exhausted. However, in a bearish scenario we will firstly see a break below the blue dashed slope channel protecting the whole 16-hour bullish structure.


4-Hour Chart

The Loonie on a 4-hour chart is building a bearish B correction (plotted with an aqua line) within the overall bullish direction of the older 16-hour time frame. If the AO makes a new low below its low corresponding to the starting point of the 1st bullish aqua wave, we will have to consider the bearish move to dominate.



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