EURCAD Is Unfolding A Bullish Impulse

EURCAD currency pair is in a massive rally since August 2022 and the main reason is strong EUR currency and bearish oil market, which has weakened Canadian dollar.

Looking at EURCAD 4H chart, we can see it unfolding a bullish impulse, which should be made by five waves in Elliott wave theory. EURCAD Is Unfolding A Bullish Impulse 4-hour chartEURCAD 4-Hour Chart After recent impulsive five-wave bullish cycle of the lower degree within extended wave 3 and above base channel resistance line, we can now see it slowing down within a three-wave a-b-c pullback for wave 4 that can retest base channel resistance line as a support before a bullish continuation within wave 5. Ideal support is around 1.42 – 1.41 area.

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EURCAD came nicely higher for wave 5 and there can be room for more gains with room up to 1.50 area, just keep in mind that this is now final 5th wave in progress, which can cause a higher degree corrective decline once it's finished.