Hi Traders,
The USDCAD broke out and retested the inverted H&S neckline that lined up with support level.
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The price has also broken out the a-b-c zigzag corrective pattern CTL in wave (ii) with a five-wave impulse in wave "i."
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To position ourselves in the bullish trend, we will wait for the price to make a three-wave retracement in wave "ii" of (iii) which is most likely to reach 50-61.8 Fib ratio that lined up with support level.
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The projected target area for wave "iii" of (iii) is around 1.36508, and the entire wave (iii) "long-term target" is expected to terminate at 1.38080 area.
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What's your view on USDCAD? Kindly let me know in the comment.
.
Best of luck on the chart!
Veejahbee.
The USDCAD broke out and retested the inverted H&S neckline that lined up with support level.
.
The price has also broken out the a-b-c zigzag corrective pattern CTL in wave (ii) with a five-wave impulse in wave "i."
.
To position ourselves in the bullish trend, we will wait for the price to make a three-wave retracement in wave "ii" of (iii) which is most likely to reach 50-61.8 Fib ratio that lined up with support level.
.
The projected target area for wave "iii" of (iii) is around 1.36508, and the entire wave (iii) "long-term target" is expected to terminate at 1.38080 area.
.
What's your view on USDCAD? Kindly let me know in the comment.
.
Best of luck on the chart!
Veejahbee.