USDCAD - 6th January 2025 | @ 83 Days | + 2.66%
Last trade: + 2.66% | 'B' class signal detected in USDCAD. Running at an average wavelength of 83 days over 13 iterations since February 2022. Currently peaking.
ΣL Cycle Summary
Price blasted above previous resistance at multiple yearly highs during December, as we hinted at in the last report with the evidence of larger components pushing up and a bullish looking cycle shape. Today there is a sharp move down on macro/political news which has prompted this slightly earlier than forecast report. As we also mentioned in the last report into this highly stationary wave, one should take note of news events around peaks and troughs of prominent cycles. They are often catalysts to kick off the next leg. In this case it may well signal the price and cycle peak of this component and the longer component around 150 days wavelength. Both are due to trough mid to late February, as detailed below.
Trade Update
Summary of the most recent trade enacted with this signal and according to the time prediction detailed in the previous report for this instrument, linked below.
Type: Early Buy - USDCAD 28th November 2024
Entry: 28th November 2024 @ 1.4001
Exit: 6th January 2025 @ 1.4374
Gain: 2.66%