USDCAD Zig-Zag Likely to End Soon

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The current USDCAD structure hints to a bearish zigzag consisting of primary sub-waves Ⓐ-Ⓑ-Ⓒ.

Wave Ⓐ is a fully complete impulse and wave Ⓑ points to a triangle pattern. Wave Ⓒ is also an impulse, however, its course has not completed just yet.

In the short term, we could see a slight decline in wave (5) of Ⓒ near 1.3256.

The target 1.3256 would respect the tenancy of impulse waves Ⓐ and Ⓒ being equal.


An alternative scenario shows that the Ⓐ-Ⓑ-Ⓒ zigzag has already completed into cycle wave w of a double zigzag.

In this case, we could see USDCAD rising in wave x near 1.4087.

At that level,  wave x will be at 50% of wave w.

How do you feel the CAD will fare in the coming weeks? Open your Orbex account and trade now! 


or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

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