USDCAD Analysis: Traingle In Development With Lower Prices Ahead

This is a re-analysis from scratch that I have been working on for this pair. I’ve needed more clarity before I could determine with any confidence what could be happening. Confusion is characteristic of a corrective pattern. And this pair has been confusing lately. That is why I had not updated this pair in awhile. But here, I am now seeing with some amount of clarity that the corrective wave (4) isn’t yet over and that we could be seeing even lower prices before we see any move up again.

WAVE COUNT

Wave (4) is unfolding in a complex WXY pattern. What I see now is that the W wave was a zigzag and that we could possibly be seeing the formation of a contracting triangle in the X wave position. It’s still early in the formation of this possible triangle so until we see the leg C and D form, it can’t be confirmed. If we do see the legs C and D form, then I can say with a high degree of certainty that leg E will form and that will present us a nice trade opportunity. So the operative word here is: PATIENCE! This will be followed by the Y wave which should take prices even lower. Most likely down to the 1.33900 – 1.34000 level where it is the .786 retrace of the previous wave (3).

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