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The current structure on USDCAD hints to a complex formation consisting of primary waves Ⓦ -Ⓧ  and Ⓨ, whereⓎ itself is a double zigzag of an intermediate degree.

Waves (W) and (X) of the abovementioned pattern are fully complete, whereas, wave (Y) is under development.

USDCAD4H

A closer look at the 1H chart indicates that actionary sub-waves (W) and (Y) are standard zigzags.

The second impulse wave, wave (Y), consists of minor sub-waves A, B, and C, whereas in the smaller degree, minor sub-wave B points to a completed triangle pattern (a)-(b)-(c)-(d) and (e). That followed a 5-wave impulse move that formed minor wave A.

Currently, minor wave C is the only wave needed to complete to fulfill the said standard zig-zag pattern.

During the next coming trading days, an ascend near 1.3403 area could be possible, the target of which would respect the tenancy 5-wave impulses A and C being equal.USDCAD

The post USDCAD: 1.3404 Could Complete Bullish Double Zigzag appeared first on Orbex Forex Trading Blog.


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