Fri, Jan 27, 2023 @ 05:26 GMT
HomeContributorsTechnical AnalysisUSD/CAD: 1.402 Likely to Complete Global Correction Trend

USD/CAD: 1.402 Likely to Complete Global Correction Trend

The current USDCAD timeframe shows the internal structure of a large correction pattern, similar to a cycle triple zigzag w-x-y-x-z.

Perhaps the first four parts of this construction are fully completed, and now the final actionary leg is being built the sub-wave z. Apparently, the wave z takes the form of a primary double zigzag, where the sub-waves are formed.

Thus, the last actionary primary wave may be in the process of construction at the moment.

It may end in the form of a double zigzag (W)-(X)-(Y) near 1.402. At that level, cycle wave z will be at 161.8% of cycle wave y.

According to an alternative, the formation of a cycle triple zigzag could be fully completed. Therefore, now we may see the construction of the initial part of a new bearish trend.

The construction of a primary triple zigzag is assumed, which is the beginning in a larger correction pattern.

It is likely that the primary waves have already been built.

In the near future, market participants can expect the formation of a bearish primary wave, which may take the standard zigzag shape (A)-(B)-(C) and end near 1.311. At that level, it will be equal to primary wave.

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