By Orbex
The USDCAD pair shows the initial part of a double zigzag of a cycle degree.
The last section of the chart shows the final part of the first actionary wave w. Most likely, it is a triple zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The final actionary sub-wave Ⓩ of this pattern is under development.
The last intermediate wave (C) in the form of a simple impulse is currently being formed as part of the sub-wave Ⓩ. The minute fourth correction in the form of a minuette double zigzag has come to an end, this is a signal for a decline in the minute fifth wave.
Most likely, the market will update the previous low, and finish the cycle wave w below the level of 1..2012
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
Let’s consider the second scenario of the USDCAD currency pair. In this view, the market moves in an upward direction, building a cycle intervening wave x.
It is quite likely that the intervening wave x takes the form of a primary simple zigzag Ⓐ-Ⓑ-Ⓒ.
The primary impulse Ⓐ and the zigzag correction Ⓑ have ended.
In the short term, a movement in the primary impulse Ⓒ is likely in the direction of the level of 1.3215, where the primary waves Ⓐ and Ⓒ will be equal.
By Orbex
- The Dollar Index strengthened on Powell’s comments. The Bank of Mexico cut the rate to 10.25% Nov 15, 2024
- EURUSD Faces Decline as Fed Signals Firm Stance Nov 15, 2024
- Gold Falls for the Fifth Consecutive Trading Session Nov 14, 2024
- Profit-taking is observed on stock indices. The data on wages in Australia haven’t met expectations Nov 13, 2024
- USD/JPY at a Three-Month Peak: No One Opposes the US Dollar Nov 13, 2024
- Can Chinese Tech earnings offer relief for Chinese stock indexes? Nov 13, 2024
- Bitcoin hits an all-time high above $88,000. Oil remains under pressure Nov 12, 2024
- Brent Crude Stumbles as Market Sentiments Turn Cautious Nov 12, 2024
- Bitcoin hits new record high just shy of $82,000! Nov 11, 2024
- The Dow Jones broke the 44 000 mark, and the S&P 500 topped 6 000 for the first time. The deflationary scenario continues in China Nov 11, 2024
