The pair is under correction

Supposedly, the third wave iii has developed. Apparently, a descending correction in a form of the fourth wave is forming locally. If this assumption is correct, the pair will go on dropping to a level of 1.2363.

Trading tips

In the short term: sell the pair below a level of 1.2833 with a target at 1.2363. In the medium term: wait for completion of correction and buy the pair above a level of 1.2363 with a target at about 1.3000.

Alternative scenario:

Breakdown and consolidation above the level of 1.2833 will allow the pair to continue the rise up to the levels of 1.2900-1.3000.

USD/CAD: Wave analysis

USD/CAD: Wave analysis

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