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The USDCAD hints at a triple zigzag of the primary degree, consisting of sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.

At the time of writing, a bullish trend shows the development of the initial part of an intermediate impulse.

Waves (1) and (2) are fully complete, whilst prices are likely to increase in sub-waves (3)-(4)-(5) above the previous maximum. This was formed by the primary intervening wave Ⓧ above 1.342.

An alternative scenario shows an incomplete triple zigzag, with the formation of the final wave Ⓩ. This consists of intermediate sub-waves (A)-(B)-(C).

The impulse wave (A) and the corrective wave (B) have ended. However, the bearish impulse wave (C) is not yet complete.

The first four parts of the impulse (C) have formed. We could expect the currency pair to decline in the minor wave 5 to the 1.286 area.

At that level, intermediate impulse (C) will be at 61.8% of impulse (A).

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