GBPCAD is about to head south
With the Canadian Dollar reaching to an extreme against the USD we are trying to find the bottom for the CAD on all pairs and it is more clear now that we will reach a primary bottom for the CAD very soon.
When we look at the GBPCAD long term trend it is clearly a downtrend and the uptrend started around 2013Q1 is a corrective 5-3-5 trend.
In wave C, the fifth wave is the extended wave (instead of 3) and out projection for wave 5 is to be 1.618 multiplied by the travelled distance of waves (1) and (3).
The red box represent the area we are expecting to see a reversal around.
Happy trading :)
When we look at the GBPCAD long term trend it is clearly a downtrend and the uptrend started around 2013Q1 is a corrective 5-3-5 trend.
In wave C, the fifth wave is the extended wave (instead of 3) and out projection for wave 5 is to be 1.618 multiplied by the travelled distance of waves (1) and (3).
The red box represent the area we are expecting to see a reversal around.
Happy trading :)
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