USDCAD Bears Target The 1.2012 Low

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

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