USDCAD is trading in a short term downtrend as a double correction W-X-Y. Wave Y will most likely form a zigzag correction pattern. We can use wave W's distance to measure wave Y target. The USDCAD is trading in a series of 1-2 1-2's so price is currently trading in a wave 2 phase.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.