The pair USD/CAD is still likely to fall. Estimated pivot point is at a level of 1.3103.
Main scenario: short positions will be relevant from corrections below the level of 1.3103 with a target of 1.2820 – 1.2740.
Alternative scenario: breakout and consolidation above the level of 1.3103 will allow the pair to continue rising to a level of 1.3385.
Analysis: Supposedly, the wedge-shaped first wave of senior level 1 of (5) finished developing on the daily time frame, and the downward correction 2 of (5) is forming at the moment. The wave a of 2 is developing on the H4 time frame with the wave (v) of a forming inside. Apparently, the correction of junior level iv of (v) is completed on the 1H time frame. If the presumption is correct, the pair will resume falling to the levels of 1.2820 – 1.2740. The level 1.3103 is critical in this scenario.
Price chart of USDCAD in real time mode
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