USDCAD: Simple Or Double Zigzag?

By Roman Onegin of Orbex

Leading FX Broker • Apr 10, 2023 at 7:30 AM EDT

For the USDCAD currency pair, a triple zigzag with cycle waves w-x-y-x-z is emerging.

(Click on image to enlarge)

For the USDCAD currency pair, a triple zigzag with cycle waves w-x-y-x-z is emerging.

At the time of writing, the final actionary sub-wave z is forming. This could be a primary double zigzag Ⓦ-Ⓧ-Ⓨ, where the sub-waves Ⓦ-Ⓧ are formed.

Now the market could be in the process of building the final wave Ⓨ.

This wave could end in the form of a double zigzag (W)-(X)-(Y) near 1.402. At that level, it will be at 61.8% of zigzag wave Ⓦ.

(Click on image to enlarge)

The second scenario suggests the construction of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, which is the beginning in a larger correction pattern.

Perhaps the primary waves Ⓦ-Ⓧ are already over.

In the near future, the bearish primary wave Ⓨ could continue, which will take the form of a double zigzag (W)-(X)-(Y).

The completion of the primary wave Ⓨ is expected at the minimum of the wave Ⓦ near 1.323.

More By This Author:

Intraday Analysis – USD Tries To Recoup Losses
Fundamentals Point To Rising EURUSD – For Now
SPX500: Still Waiting For A Bullish Growth At The Maximum Of 4815.42

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