USDCAD Primary Triple Zigzag to 1.272

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USDCAD is forming a triple zigzag of the primary degree.

The primary wave Ⓩ is under construction, which includes the intermediate sub-waves (A) and (B). Intermediate impulse wave (C) is in formation and consists of five minor sub-waves.

With the third-minute wave completed, we can now expect a corrective upward move in the fourth-minute wave near 1.290, where it will be at 38.2% of the third wave.

Then the minute wave ⓥ can complete the minor wave 5 near 1.272. At that level, impulses 5 and 3 will be equal.

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An alternative scenario shows a fully completed triple Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ zigzag of the primary degree.

A new bullish trend could push prices above the 1.317 level, where the minor wave 4 ended.

How do you feel the CAD will fare in the coming weeks? Open your Orbex account and trade now! 

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or practice on DEMO ACCOUNT

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