Weekly chart:
The trend in the big picture has already become mature in its 5th arm. Since the last low at 0.91509 CAD, the price ran up to the upper edge of the correction zone at 1.01188 CAD. This makes a trend break ever more likely.
Daily chart:
In this trend size we can see a beautiful uptrend which carried out a very deep correction after its last point two at 1.0109 CAD, and in doing so, even briefly fell below its valid correction zone without, however, breaking this zone with the closing price. The current movement has been unable to continue the trend so far, yet the chances still remain more on the upper side.
Hourly chart:
In the hourly chart we can see the same trend as in the daily chart. Here, too, the price was able to push off from the lower edge of the correction zone. The green arrows show the DowHow setup and suggest that there is a very good long chance here. The first target is at the last point two at 1.0086 CAD; the stop should be placed beneath the green correction zone.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Head of Sales/Trading
AgenaTrader / TradeEscort
AgenaTrader Trading Software
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