Forex Trading Library

USDCAD Cycle Wave Pushes Prices to 1.385!

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Chart of USDCAD

USDCAD suggests the construction of a corrective triple zigzag consisting of cycle waves w-x-y-x-z.

Waves w-x-y-x are fully completed, and the final actionary wave z is being built. Wave z takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ.

At the moment, the market could be in the process of building the last wave Ⓨ.

It can end in the form of a double zigzag (W)-(X)-(Y) near 1.385 level. At that level, it will be at 50% of zigzag wave Ⓦ.

Chart of USDCAD

It is worth considering an alternative scenario. According to this view, the initial part of a new bearish trend can now be built.

Perhaps there is a construction of the primary double zigzag Ⓦ-Ⓧ-Ⓨ, which is the beginning in a larger correction pattern.

Perhaps the primary waves Ⓦ-Ⓧ have already been completed.

In the near future, a continuation of the bearish primary wave Ⓨ is possible. It has a double zigzag structure (W)-(X)-(Y). The end of the decline in the intermediate wave (Y) is expected near 1.312. At that level, Ⓨ will be at 76.4% of Ⓦ.

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