The current USDCAD chart shows the internal structure of a large correction pattern, which most likely takes the form of a cycle triple zigzag w-x-y-x-z.
Perhaps the first four parts of this construction are fully completed, and now the final actionary leg is being built the sub-wave z. Apparently, the wave z takes the form of a primary double zigzag, where the sub-waves are formed.
Thus, the last actionary wave can be formed at the moment.
It may end in the form of a standard zigzag (A)-(B)-(C) near 1.403. At that level, cycle wave z will be at 161.8% of cycle wave y.
Let’s consider an alternative scenario, as seen above. According to this, the formation of a cycle triple zigzag could be fully completed. Therefore, let’s assume that the initial part of a new bearish trend is forming.
We assume the construction of a primary double zigzag, which is the beginning in a larger correction pattern.
It is likely that the primary waves have already been completed, each of which is a double zigzag of the intermediate degree.
In the near future, we can expect the formation of a bearish primary wave, which may take the standard zigzag shape (A)-(B)-(C) and end near 1.331. At that level, the primary waves and will be equal.
