The USDCAD structure shows a large triple zigzag of the primary degree, consisting of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
In September, the zigzag actionary wave Ⓨ was fully complete with intermediate sub-waves (A)-(B)-(C).
Wave (A) is a 5-wave impulse, whereas correction (B) is a minor double zigzag W-X-Y. The impulse wave (C) has just begun its construction and is likely to reach the level of 1.352.
At the specified level, intervening wave Ⓧ will be at 50% of zigzag Ⓨ.
An alternative scenario shows that intervening wave Ⓧ has ended.
Bearish wave Ⓩ is currently under development, which consists of sub-waves (A)-(B)-(C). Impulse wave (A) and correction wave (B) are already complete.
In the near future, we could see a decline in the impulse wave (C) near 1.277.
At that level, primary wave Ⓩ will be at 61.8% of wave Ⓨ.