20 Jan

USDCAD Bullish Impulse (C) Leads To New Highs

January 20, 2022

By Orbex

USDCAD

The USDCAD pair sees an upward price movement within the large wave Ⓨ of the primary degree. Judging by the internal structure, wave Ⓨ takes the form of a simple 3-wave zigzag. This is marked by intermediate sub-waves (A)-(B)-(C).

The intermediate wave (A) in the form of an impulse, as well as the bearish correction (B) which is a minor zigzag A-B-C, seem fully complete.

Thus, since the construction of the intermediate correction (B) has ended, the intermediate wave (C) will be the next target.

The end of wave (C) could be near 1.312. At that level, intermediate impulses (A) and (C) will be equal.

Free Reports:

Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter





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.




USDCAD

According to an alternative scenario, within the framework of a global double zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ, only the middle part is complete. Specifically, that is the primary intervening wave Ⓧ.

It is likely that the intervening wave Ⓧ has a complex triple zigzag formation. This consists of intermediate sub-waves (W)-(X)-(Y)-(X)-(Z).

Once the intermediate intervening wave (X) ends, prices could lower in the final wave (Z) towards the 1.223 area. At that level, primary intervening wave Ⓧ will be at 76.4% of actionary wave Ⓦ.

Orbex-LogoArticle by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com


investmacro cot newsletter




Financial News Forex and Currency News