USDCAD in Final or Penultimate Wave

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The USDCAD structure hints at a bearish impulse consisting of intermediate waves (1)-(2)-(3)-(4)-(5). The impulse is part of a primary degree Ⓐ-Ⓑ-Ⓒ zigzag.

At the time of writing, waves (1)-(2)-(3)-(4) are fully complete. The correction in wave (4) ended in a triangle formation, kicking off wave (5).

Sub-waves 1-2-3 of (5) are complete. The bullish correction in wave 4 is currently in play.

Once completed, wave (5) could decline to 1.319. At that level, wave (5) will be at 61.8% of impulse wave (3).


An alternative view shows correction wave (4) as a zigzag with waves W and X completed. Wave Y is currently under development.

In the short term, we can expect prices to extend up to 1.371. This is the previous high formed by wave W.

A decline in the final wave (5) could then begin to develop.

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


or practice on DEMO ACCOUNT

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