The USDCAD shows that primary wave Ⓨ has completed with a standard zigzag.
Currently, we are in the initial part of intervening wave Ⓧ of the primary degree.
In the short term, we expect prices to rise in this wave near 1.341.
At that level, wave Ⓧ will be at 61.8% of zigzag Ⓨ.
An alternative scenario indicates primary wave Ⓨ consists of intermediate sub-waves (A)-(B)-(C).
Impulse wave 5 is currently under development, which is part of intermediate impulse (C).
In the short-term, minuette waves (ii)-(iii)-(iv)-(v) could lead prices to the 1.278 area.
At that level, impulse wave (C) will be at 123.6% of impulse (A).
How do you feel the CAD will fare in the coming weeks? Open your Orbex account and trade now!
