The current USDCAD timeframe shows the internal structure of a large correction pattern, similar to a cycle triple zigzag w-x-y-x-z.
The final wave z takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, where the sub-waves Ⓦ-Ⓧ have ended.
Thus, the last actionary primary wave Ⓨ could be in the process of construction at the moment.
This could end in the form of a double zigzag (W)-(X)-(Y) near 1.402. At that level, cycle wave z will be at 161.8% of cycle wave y.
According to an alternative, the formation of a cycle triple zigzag could be fully completed. Therefore, now we could see the construction of the initial part of a new bearish trend.
Now, the construction of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ is beginning in a larger correction pattern.
It is likely that the primary waves Ⓦ-Ⓧ-Ⓨ-Ⓧ have already been built.
In the near future, the formation of a bearish primary wave Ⓩ could take the standard zigzag shape (A)-(B)-(C) and end near 1.311. At that level, it will be equal to primary wave Ⓩ.