USDCAD Upside Correction Might Be Complete

Price action on USDCAD hints at an upcoming bullish 5-wave impulse in correction wave w of a triple zigzag.

With three-thirds of a combination in minute wave four completed, we expect prices to ascend.

Once the minuette wave (z) ends, a correction in x should follow. Thereafter, markets might appreciate in wave (z) towards $1.312. At that level, wave (z) will be equal to wave (y).

USDCAD

Another perspective suggests that the minute wave four has ended as a double zigzag (w)-(x)-(y). This assumes that the slide from the $1.3212 top is the final impulse wave ⓥ.

To confirm the 5-wave move markers should decline in waves (iii)-(iv)-(v). Analysts expect impulse (iii) to finish at the previous low of $1.201.

And after a slight correction in the sub-wave (iv), prices might continue to fall in the sub-wave (v) to lower territories.

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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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