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.

usdcad

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! 

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or practice on DEMO ACCOUNT

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