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usdcad technical

The USDCAD structure shows a large triple zigzag of the primary degree, consisting of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

In September, the zigzag actionary wave Ⓨ was fully complete with intermediate sub-waves (A)-(B)-(C).

Wave (A) is a 5-wave impulse, whereas correction (B) is a minor double zigzag W-X-Y. The impulse wave (C) has just begun its construction and is likely to reach the level of 1.352.

At the specified level, intervening wave Ⓧ will be at 50% of zigzag Ⓨ.

usdcad

An alternative scenario shows that intervening wave Ⓧ has ended.

Bearish wave Ⓩ is currently under development, which consists of sub-waves (A)-(B)-(C). Impulse wave (A) and correction wave (B) are already complete.

In the near future, we could see a decline in the impulse wave (C) near 1.277.

At that level, primary wave Ⓩ will be at 61.8% of wave Ⓨ.

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

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