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USD/CAD: Weekly Update

Long term chart: here
Last daily update: here

USD/CAD Weekly

Weekly Status

- Second weekly close up after making weekly 'Bullish Engulfing' pattern, it confirms a higher low after making the bottom. This setup is a strong buy signal.
-I am projecting a large channel, which is divided by the middle line, which is again divided in half by the small dotted line, under which we are located with today's close. The middle line should be broken upwards and at the middle line of the major channel (blue dotted line) we should do a weekly correction before going higher.
- I have labeled the Elliot Wave count, we are likely to be in a major 3rd wave right now. It is estimated to be triple the size of the first wave

Disclosure: Long USD/CAD