USDCAD 2010 Technical Outlook |
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During 2009, the dollar declined noticeably against the Canadian dollar and we can see that the pair managed this year to complete the Zigzag Wave ZZ which was originally expected to be a higher formation, a Double Zigzag wave DZ. On the chart above, we can see that the pair managed to complete the ZZ wave and since the completion of the C wave, the pair started building an IM wave which was actually completed as seen on the chart to the secondary bottom image above; we can see that after the
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