USDCAD looks to a primary triple zigzag consisting of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
The first four waves are fully completed. Currently, the final primary wave Ⓩ is in formation. This hints to a standard zigzag structure.
In the short term, we could see a decline in this wave near the 1.278 area.
At that level, primary wave Ⓩ will be at 61.8% of wave Ⓨ.
Alternatively, intervening wave Ⓧ of a triple zigzag is not yet completed.
This takes the form of an intermediate zigzag (A)-(B)-(C), as correction wave (B) comes to an end.
In the near future, the market could rise in the impulse wave (C) near 1.365.
At that level, intervening wave Ⓧ will be at 61.8% of primary zigzag Ⓨ.