CADJPY is rising for the past few weeks, away from 80.53 level where we labelled end of a bigger wave 5 and a bigger bearish cycle. Now, the current three-wave rise that can be in the making we see it as corrective, meaning we think the price can slowly slow down and later make a new reversal to the downside. As we can see our first wave A and our second wave B fully shown up, and the most interesting thing involves wave B, where an EW triangle unfolded. As we know a triangle unfolds only prior to the final wave, meaning only one more push higher can follow on the pair, before we may see a new turning point. Ideally, we now see wave C in progress, which can see limited upside and a reversal near the 83.13-83.43 level, and near the upper channel line.
CADJPY, 1H
