EUR/CAD – Above 1.4482, the start window for a 5th wave advance remains open

Having overshot the crucial Fib.-retracement at 1.4582 (int. 38.2 %) only marginally we still see very good chances of having marked a 4th wave low at 1.4539.

This applies as long as trend line support between 1.4489/82 (weekly.-daily) is defended and would receive first support via a break above 1.4739 (daily trend).

In order to confirm a bottom in place it however takes additional breaks above 1.4833/73 (mino 38.2 %/daily trend).

Such breaks would then give room to at least perform a stronger countertrend rally up to 1.5308/40 (pivot/int. 76.4 %) which would have to be cleared in order to confirm a 5th wave advance up to 1.6279 (76.4 % on higher scale).

 

 

 

 

 

 

 

 

JPM