Forex Trading Library

USDCAD Triple or Double Zigzag?

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The USDCAD pair is currently forming a global triple zigzag with cycle waves w-x-y-x-z.

At the time of writing, the final actionary sub-wave z is being built. This takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, where the sub-waves Ⓦ-Ⓧ are formed.

Now we are seeing the development of the final wave Ⓨ. It can end in the form of a double zigzag (W)-(X)-(Y) near 1.392. At that level, it will be at 50% of actionary zigzag wave Ⓦ.

Chart of USDCAD

In an alternative scenario, we can expect the construction of a primary double zigzag Ⓦ-Ⓧ-Ⓨ. It is the beginning in a larger corrective pattern.

There is a high probability that the primary waves Ⓦ-Ⓧ have ended. In the near future, a continuation of the bearish primary wave Ⓨ is likely. This will take the structure of a double zigzag (W)-(X)-(Y).

The primary wave Ⓨ, taking the form of a minor double zigzag, could end at the minimum of the wave Ⓦ, near the price level of 1.323

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