Nov. 8th – USDCAD

No change in our view on the intraday timeframe. We labeled it as a leading diagonal for (W), an (X) and an ending diagonal, either forming or completed for (Y). (Y) has already reached my projected area as well as the 40 SMA-Weekly level, so it might already be in place. From here or close to this level we should see the trend resume for wave ((5)). Breaking the key support level on my chart would confirm the 3 wave move up and (Y) in place. We are now waiting for the confirmation that indeed the trend is resuming and we can start looking to enter this trade short for wave ((5)).