USDCAD Has Cycle Wave W Completed?

The USDCAD pair is forming a double zigzag of a cycle degree.

On the chart, we see 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 currently under development.

The last intermediate wave (C) in the form of a simple impulse is currently being formed as part of the sub-wave Ⓩ. Perhaps the minute fourth correction in the form of a minute 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 will complete the cycle wave w significantly below the level of 1.2012.

An alternative scenario shows the formation of a cycle wave w was completed in June. Since then the market has risen, building a cycle intervening wave x.

It is quite likely that the intervening wave x takes the form of a primary simple Ⓐ-Ⓑ-Ⓒ zigzag.

It is possible that in the very near future the market will complete a bearish correction Ⓑ near 1.2416, where it will be at ½ of bullish impulse Ⓐ.

Then the market increase can continue in the primary impulse Ⓒ towards the level of 1.3208. This is where the primary waves Ⓐ and Ⓒ will be equal.

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About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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