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.
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.