USDCAD suggests the construction of a corrective triple zigzag consisting of cycle waves w-x-y-x-z.
Waves w-x-y-x are fully completed, and the final actionary wave z is being built. Wave z takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ.
At the moment, the market could be in the process of building the last wave Ⓨ.
It can end in the form of a double zigzag (W)-(X)-(Y) near 1.385 level. At that level, it will be at 50% of zigzag wave Ⓦ.
It is worth considering an alternative scenario. According to this view, the initial part of a new bearish trend can now be built.
Perhaps there is a construction of the primary double zigzag Ⓦ-Ⓧ-Ⓨ, which is the beginning in a larger correction pattern.
Perhaps the primary waves Ⓦ-Ⓧ have already been completed.
In the near future, a continuation of the bearish primary wave Ⓨ is possible. It has a double zigzag structure (W)-(X)-(Y). The end of the decline in the intermediate wave (Y) is expected near 1.312. At that level, Ⓨ will be at 76.4% of Ⓦ.
Test your strategy on how the USDCAD will fare with Orbex
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://www.orbex.com/blog/en/2023/02/usdcad-cycle-wave-pushes-prices-to-1-385
- 1
- a
- According
- already
- alternative
- and
- bearish
- Beginning
- being
- Building
- built
- Chart
- Completed
- considering
- Consisting
- construction
- continuation
- could
- cycle
- Decline
- double
- expected
- final
- form
- fully
- future
- How
- HTTPS
- in
- initial
- Intermediate
- IT
- larger
- larger correction
- Last
- Level
- live
- Market
- max-width
- moment
- Near
- New
- part
- Pattern
- plato
- Plato Data Intelligence
- PlatoData
- possible
- Prices
- primary
- process
- scenario
- Strategy
- structure
- Suggests
- takes
- The
- to
- Trend
- Triple
- View
- W
- Wave
- waves
- which
- will
- worth
- X
- Your
- zephyrnet