Forex Trading Library

USDCAD Minute Impulse Tests Previous Highs!

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Chart of USDCAD

In the global perspective, USDCAD could build a triple zigzag w-x-y-x-z.

The current chart shows the final actionary wave z of the cycle degree. This takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, where the sub-waves Ⓦ-Ⓧ are completed.

Now we see the development of the final primary wave Ⓨ. The intermediate wave (Y) could end in the form of minute zigzag ⓐ-ⓑ-ⓒ near 1.392.

Chart of USDCAD

In the second scenario, we could see the construction of a bearish double zigzag Ⓦ-Ⓧ-Ⓨ.

As part of the primary pattern, the waves Ⓦ-Ⓧ are completed, so a continuation of the bearish primary wave Ⓨ is possible.

The primary wave Ⓨ, taking the form of a minor double zigzag, could end at the minimum of the wave Ⓦ near 1.309.

At the specified level, the intermediate waves (W) and (Y) will be equal to each other.

Test your strategy on how the USDCAD will fare with Orbex

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