USDCAD | The best area to start the uptrend🏹Hello traders, Symbol USDCAD ,This analysis has been prepared in a weekly time frame but has been published for a better view in a 2 week time frame.
Our goal in this analysis is to give you an overview of the future of symbolism.
As you can see in the chart, this symbol has been analyzed and examined from 1979 until today and is predicted until 2027.
Based on the wave count we did in the weekly timeframe, we first identified a 5-wave cycle and then a relatively short correction in terms of price and time.
After completing this correction, a new 5-wave trend in the form of a triangle has started again.
In this leading wave, waves 1, 2 and 3 are complete and now we are waiting for the completion of wave 4, we expect wave 4 to form at the bottom of the channel (Fibo 0.50) but we can also expect a deeper correction (Fibo 0.618).
After the end of wave 4, we are waiting for the beginning of wave 5, and the best confirmation for the beginning of wave 5 is the price crossing the midline of the channel or the pink trend line of the channel floor.
If the price crosses Fibonacci 0.618, this analysis will not lose its validity and we should expect a further rise.
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