Ascending trend for the pair USD/CAD continues. Estimated pivot point is at a level of 1.2946.
Main scenario: long positions will be relevant from corrections above the level of 1.2946 with a target of 1.3300.
Alternative scenario: breakout and consolidation below the level of 1.2946 will allow the pair to continue declining to a level of 1.2525.
Analysis: Supposedly, the first wave of senior level 1 of (5) continues to develop within the daily time frame in the form of a wedge. Apparently, the fifth wave of junior level v of 1 is forming now, with the wave (iii) of v formed inside. If the presumption is correct, the pair will continue to rise to the level of 1.3300 once the correction (iv) has been completed. The level 1.2946 is critical in this scenario.
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