USDCAD Double Correction Continues In The Bearish Trend

USDCAD is trading in a short term downtrend as a double correction W-X-Y. Wave Y will most likely form a zigzag correction pattern. We can use wave W's distance to measure wave Y target. The USDCAD is trading in a series of 1-2 1-2's so price is currently trading in a wave 2 phase.