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usdcad elliott

The USDCAD shows that primary wave Ⓨ has completed with a standard zigzag.

Currently, we are in the initial part of intervening wave Ⓧ of the primary degree.

In the short term, we expect prices to rise in this wave near 1.341.

At that level, wave Ⓧ will be at 61.8% of zigzag Ⓨ.

usdcad

An alternative scenario indicates primary wave Ⓨ consists of intermediate sub-waves (A)-(B)-(C).

Impulse wave 5 is currently under development, which is part of intermediate impulse (C).

In the short-term, minuette waves (ii)-(iii)-(iv)-(v) could lead prices to the 1.278 area.

At that level, impulse wave (C) will be at 123.6% of impulse (A).

How do you feel the CAD will fare in the coming weeks? Open your Orbex account and trade now! 

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