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 Ⓧ.