In the global perspective, USDCAD could build a triple zigzag w-x-y-x-z.
The current chart shows the final actionary wave z of the cycle degree. This takes the form of a primary double zigzag Ⓦ-Ⓧ-Ⓨ, where the sub-waves Ⓦ-Ⓧ are completed.
Now we see the development of the final primary wave Ⓨ. The intermediate wave (Y) could end in the form of minute zigzag ⓐ-ⓑ-ⓒ near 1.392.
In the second scenario, we could see the construction of a bearish double zigzag Ⓦ-Ⓧ-Ⓨ.
As part of the primary pattern, the waves Ⓦ-Ⓧ are completed, so a continuation of the bearish primary wave Ⓨ is possible.
The primary wave Ⓨ, taking the form of a minor double zigzag, could end at the minimum of the wave Ⓦ near 1.309.
At the specified level, the intermediate waves (W) and (Y) will be equal to each other.