USDCAD Outlook

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CAD had been on correction mode against the USD since March 19th, 2020. Price formed a Zigzag labelled W, another Zigzag labelled X. Price formed the first leg of the last zigzag which price is currently at E of the triangle correction. Price is expected to complete the E leg of the triangle at 1.41900 - 1.42000 region. A five wave count is expected on the downside to form the last leg of Y zigzag formation after E completes. A break above 1.42000 invalidates the wave count.