Most likely, the USDCAD pair forms a global triple zigzag marked with cycle waves w-x-y-x-z.
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At the time of writing, the final actionary leg is being built – the sub-wave z. Apparently, it takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, where the sub-waves Ⓦ-Ⓧ are formed.
Now we are seeing the development of the final wave Ⓨ. It can end in the form of a double zigzag (W)-(X)-(Y) near 1.392. At that level, it will be at 50% of actionary zigzag wave Ⓦ.
-638206022902797275.png)
In an alternative scenario, we can expect the construction of a primary double zigzag Ⓦ-Ⓧ-Ⓨ. It is the beginning in a larger corrective pattern.
There is a high probability that the primary waves Ⓦ-Ⓧ are completed. In the near future, a continuation of the bearish primary wave Ⓨ is expected, which will take the structure of a double zigzag (W)-(X)-(Y).
The primary wave Ⓨ, taking the form of a minor double zigzag, may end at the minimum of the wave Ⓦ, near the price level of 1.323.
This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.
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