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Elliott Wave Charting: Usd/Cad Pattern

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Elliott Wave Charting



The primary wave count on the daily Usd/cad chart is showing early stages of a huge uptrend, since the 1.0205 lows were reached. We are looking for a completed black wave II at 1.0223, followed by a Sharp wave (1) which was reversed recently at 1.0779 by a corrective wave (2). 

This scenario suggests an uptrend continuation into a powerful wave (3) once 1.0779 resistance is taken out, and 1.0223 holds.

The alternative scenario is that the pair has been forming a triangle pattern since August, which will drive prices down to the 1.0000 zone, if the lower support line of a possible triangle formation is taken out at any time.

TheLFB Charting: Usd/Cad Daily view

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Disclosure: no pos.