The pair resumes growth. Supposedly, a local bearish correction in a form of the second wave ii shaped like a zigzag has finished forming. Apparently, the third wave of senior level, within which the first counter-trend wave (i) of iii is forming, has started developing locally.  The level of 1.2123 is critical in this scenario as the breakout will enable the pair to continue declining to a level of 1.2000.

Trading tips

Buy above the level of 1.2123 with targets at 1.2800–1.3000.

Alternative scenario

Breakout and consolidation below the level of 1.2123 will allow the pair to continue declining to a level of 1.2000.

USD/CAD: wave analysis

USD/CAD: wave analysis

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