Strong upward trend.

A formation of the third wave of the senior level iii of 5 continues. Locally, a bear impetus within the third wave of the junior level (iii) of iii is finishing and a local correction in a form of wave (iv) of iii is forming. If the assumption is correct, the pair continues growing towards 1.2900 after correction ends.

Trading tips

Wait for the correction to end and open long positons above 1.2520 with the target at 1.2900-1.3000.

Alternative scenario

The breakdown and consolidation below 1.2520 would allow the pair to continue falling towards 1.2300-1.2200.

USD/CAD: wave analysis

USD/CAD: wave analysis

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