Uptrend remains, local correction expected.

Supposedly, the fifth wave v is developing within the third wave 3 of senior level. Apparently, a local bullish impetus in a form of wave (i) is nearing completion. If the presumption is correct, it's logical to expect a slight correction and then the pair will continue to rise to the level 1.3000. The level of 1.2400 is critical in this scenario as its breakdown will result in a further decline of the pair.

Trading tips

Buy above the level of 1.2400 with a target at 1.3000.

Alternative scenario

Breakdown and consolidation below the level of 1.2400 will allow the pair to continue declining to the levels 1.2200-1.1900.

USD/CAD: wave analysis

USD/CAD: wave analysis

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