USDCAD has completed the construction of a triple zigzag that consists of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ of the primary degree.
The 1H timeframe shows the internal structure of the intermediate impulse (C). This completed the development of the primary wave Ⓩ.
Thus, the construction of the initial part of a new bullish trend has now begun.
In the short term, prices could rise to the level of 1.265, at which we saw the end of the fourth correction of the minute degree.
An alternative scenario shows the primary actionary wave Ⓩ is not yet fully complete.
Recently, the fourth corrective wave of the minute degree ended, and then the price declined in the minute impulse ⓥ.
Most likely, the impulse ⓥ has completed a third of the way. Therefore, the remaining two parts are likely to develop in the near future, as shown in the chart.
The wave ⓥ may end near 1.183. At that level, it will be at 161.8% of the third impulse wave of the minute degree.
How do you feel the CAD will fare in the coming weeks? Open your Orbex account and trade now!
