USDCAD rose in overlapping five-wave "leading diagonal" from the major low at 1.30422. Leading diagonal always indicates the direction of the major trend, and in USDCAD's case, it is bullish.
The subsequent decline is the corrective pattern, which unfolded as a double zigzag correction in wave B. The corrective wave retraced around 61.8 - 78.6% of wave A, and also bottomed at a demand zone + ascending trendline.
The confluence of classical technical analysis and Elliot Wave further confirms that the price should resume the advance on or from near the current market price.
The potential target for wave C is the resistance zone + Descending trendline.
What's your thought about USDCAD?
Best,
Veejahbee.
The subsequent decline is the corrective pattern, which unfolded as a double zigzag correction in wave B. The corrective wave retraced around 61.8 - 78.6% of wave A, and also bottomed at a demand zone + ascending trendline.
The confluence of classical technical analysis and Elliot Wave further confirms that the price should resume the advance on or from near the current market price.
The potential target for wave C is the resistance zone + Descending trendline.
What's your thought about USDCAD?
Best,
Veejahbee.