USDCAD: Double Zig-Zag Half Done

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USDCAD seems to be forming a cycle degree wave (x), consisting of primary waves Ⓦ, Ⓧ and Ⓨ.

Waves Ⓦ and Ⓧ are completed, whereas Ⓨ is still under development.

Since wave Ⓨ is only formed halfway through up the time of writing in the medium term we could see a continuation of the bullish move in the final part of this pattern.

usdcad

The structure on the lower timeframe of 1H suggests that primary wave Ⓨ could be a bullish double zigzag, consisting of zigzags (W) and (Y).

The two are supposed to link each other by an intervening wave (X), which is formed as we speak.

In the short term, there could be a slight decline near 1.3190. Then, prices could rise to conclude the intermediate wave (Y) near 1.3380.

usdcad 4h

 

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