HomeContributorsTechnical AnalysisUSD/CAD: Double Zigzag Likely to Complete Near 1.403

USD/CAD: Double Zigzag Likely to Complete Near 1.403

On the current USDCAD chart, we see 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, at the moment it is possible that the last actionary primary wave Ⓨ is under construction.

It may end in the form of a double zigzag (W)-(X)-(Y) near 1.403. 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 the initial part of a new bearish trend can be built.

We assume the construction of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, which is the beginning in a larger correction pattern.

It is likely that the primary waves Ⓦ-Ⓧ-Ⓨ are already over.

In the near future, we can expect a continuation of the bearish primary wave Ⓨ, which may take the form of a double zigzag (W)-(X)-(Y) and end near 1.313. At that level, it will be at 76.4% of primary wave Ⓦ.

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