Forex Trading Library

USDCAD Simple or Double Zigzag?

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Chart of USDCAD

For the USDCAD currency pair, a triple zigzag with cycle waves w-x-y-x-z is emerging.

At the time of writing, the final actionary sub-wave z is forming. This could be a primary double zigzag Ⓦ-Ⓧ-Ⓨ, where the sub-waves Ⓦ-Ⓧ are formed.

Now the market could be in the process of building the final wave Ⓨ.

This wave could end in the form of a double zigzag (W)-(X)-(Y) near 1.402. At that level, it will be at 61.8% of zigzag wave Ⓦ.

Chart of USDCAD

The second scenario suggests the construction of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, which is the beginning in a larger correction pattern.

Perhaps the primary waves Ⓦ-Ⓧ are already over.

In the near future, the bearish primary wave Ⓨ could continue, which will take the form of a double zigzag (W)-(X)-(Y).

The completion of the primary wave Ⓨ is expected at the minimum of the wave Ⓦ near 1.323.

Test your strategy on how the USDCAD will fare with Orbex

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