The current USDCAD structure hints at a triple zigzag consisting of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
Waves Ⓦ-Ⓧ-Ⓨ are complete, whereas wave Ⓧ is under development.
Wave Ⓧ has a bullish zigzag structure and consists of intermediate sub-waves (A)-(B)-(C).
The development of the intermediate impulse (C) could extend prices up to 1.352.
At that level, primary wave Ⓧ will be at 50% of wave Ⓨ.
An alternative scenario shows wave Ⓧ having a sideways structure. In this case, it will take the form of a contracting triangle (A)-(B)-(C)-(D)-(E) of the intermediate degree.
Zigzag wave (A) is already complete.
Currently, we see a decline in zigzag wave (B), which consists of waves A-B-C.
Minor impulse C could end near 1.306. At that level, wave (B) will be at 76.4% of wave (A).
In the short term, the price will move flat until the end of the intervening wave Ⓧ.
How do you feel the CAD will fare in the coming weeks? Open your Orbex account and trade now!
