The pair is expected to grow.

Supposedly, a bearish correction has finished in a form of the fourth wave 4 which has extended more than expected.  Apparently, a reversal has formed and the first wave of junior level (i) is developing locally. If the assumption is correct, it's logical to expect the pair to continue growing to the levels of 1.2450–1.2800 as part of the fifth wave of senior level. The level of 1.1918 is critical in this scenario as the breakout will enable the pair to continue declining to the levels 1.1700–1.1800.

Trading tips

Buy the pair from corrections above the level of 1.1918 with a target at 1.2450.

Alternative scenario

Breakout and consolidation below the level of 1.1918 will allow the pair to continue declining to the levels 1.1800–1.1700.

USD/CAD: wave analysis

USD/CAD: wave analysis

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