Estimated pivot point is at the level of 1.3415.

Analysis: Presumably, the formation of the wave C of the senior level continues. Locally it is likely that the upward correction, as the wave ii of C, is being developed, within which a zigzag (a)(b)(c) has been formed, which reached the level of 62%. If this assumption is correct, the pair can decline to 1.3229. Critical level for this scenario is 1.3415. 

Alternative scenario: Breakout and consolidation of the price above the level of 1.3415 will trigger further rise in the pair up to 1.3600. 

Our opinion: Sell the pair from correction below the level of 1.3415 with the target of 1.3230 – 1.3000. 

USDCAD,H1

USDCAD,H4




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