These could be the 5 biggest pain trades in the second half, HSBC says
USD/CAD bounced from the lower side of a range last week; from 1.2760 area to be exact which indicates on still unfolding wave B correction. An updated structure shows a triangle now with sub-wave D) underway and wave E) pullback yet to come, before we may finally see a strong push up into impulsive wave C, towards the 1.3400/1.3500 area.
USD/CAD, 4H
A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.
A basic triangle pattern:
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