USDCAD Has the Cycle Triple Zigzag Ended?


usdcad1 2

The current time frame of USDCAD shows the internal structure of a large corrective pattern. This most likely takes the form of a triple zigzag wxyxz cycle.

The first four parts of this build have been completed. Now the final action sub-wave z is being built. The z wave takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ.

The final action primary wave Ⓨ could end in the form of a double zigzag (W)-(X)-(Y) near 1.403. At that level, cyclone z will be at 161.8% of cyclone y.

usdcad2 1

Let’s consider an alternative scenario. According to this, the formation of a triple zigzag cycle could be fully completed. Therefore, the initial part of a new bearish trend is formed.

The construction of a primary triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ is the beginning of a larger correction pattern. It is likely that the primary waves Ⓦ-Ⓧ-Ⓨ-Ⓧ have already ended.

In the near future, we could see a bearish primary wave Ⓩformation. This could be a standard zigzag shape (A)-(B)-(C) and end near 1.304. At that level, primary wave Ⓩ will be at 76.4% of wave Ⓨ.

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



Please enter your comment!
Please enter your name here