USD/CAD Wave Technical Analysis
USD/CAD is recovering since May 2016. Is it a new bullish trend or just another correction?
The Loonie finished the A wave down on a 3-day chart and is making an adequate B correction wave up. Both waves are drawn with violet lines. The B correction has a complex structure that could be considered on smaller time frames.
Waves of 16-hour time frame are plotted with chocolate lines and create a flat 5-wave structure with a bullish shift. We have just entered into the 5th final wave.
A 4-hour time frame is building a new A bullish wave as its high on the Awesome Oscillator has beaten the previous high of the previous aqua B correction wave. This means the start of a new bullish trend on a 4-hour chart.
If we take an 1-hour chart that is a subwave level for a 4-hour time frame, we will see the bullish C in progress.