By Orbex
The current structure of the USDCAD indicates the formation of a bullish zigzag Ⓩ. This consists of sub-waves (W)-(X)-(Y) and it’s a double zigzag. Wave Ⓩ is part of the global cycle correction b.
It seems that the intermediate sub-waves (W) and (X) have ended. Thus, in the near future, the pair could start moving towards the 1.296 level within the final wave (Y).
The target is determined using the Fibonacci extension tool. At the specified level, wave Ⓩ will be at 76.4% of actionary wave Ⓨ.
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.
Alternatively, the development of the primary bearish intervening wave Ⓧ is not complete yet. These sub-waves all together make up a bearish double zigzag.
It is possible that (W) and (X) have ended, whilst wave (Y) is still under construction. Specifically, as part of the wave (Y), the minor sub-waves W and X were complete. Thus, in the near future, this could lower the actionary wave Y to the 1.245 area.
The goal is determined by the previous minimum, which was formed by the wave (W). An approximate scheme of possible future movement is shown on the chart.
Have you downloaded our MT4? Get it here.
Article 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
- TSLA shares rose on a weak report. Inflationary pressures are easing in Australia Apr 24, 2024
- USDJPY: On intervention watch Apr 24, 2024
- Euro gains against the dollar amid mixed economic signals Apr 24, 2024
- PMI data is the focus of investors’ attention today. Turkey, Iraq, Qatar, and UAE signed a transportation agreement Apr 23, 2024
- Australian dollar rises on strong economic indicators Apr 23, 2024
- Geopolitical risks in the Middle East are declining. China kept interest rates at lows Apr 22, 2024
- Brent crude dips to four-week low amid easing geopolitical tensions Apr 22, 2024
- COT Metals Charts: Speculator bets led by Copper & Silver Apr 20, 2024
- COT Bonds Charts: Speculator bets led by 10-Year Bonds & Fed Funds Apr 20, 2024
- COT Stock Market Charts: Speculator bets led by S&P500-Mini Apr 20, 2024
