The pair is expected to grow.

Supposedly, a bearish correction in a form of the second wave has finished forming. Apparently, a reversal is forming locally. If the presumption is correct, the pair will logically rise to a level of 1.2560–1.2800 within the third wave. The level of 1.2190 is critical in this scenario as the breakout will enable the pair to continue declining to the levels 1.2100–1.2000.

Trading tips        

Buy the pair from corrections above the level of 1.2196 with targets at 1.2560–1.2840

Alternative scenario

Breakout and consolidation below the level of 1.2196 will allow the pair to continue declining to the level of 1.2000.

USD/CAD: wave analysis

USD/CAD: wave analysis

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