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!