An upward trend is strong

A formation of the third wave of the senior level iii of 5 continues. Locally, a correction in the form of the fifth wave (iv) of iii is probably finished and the fifth wave of the junior level (v) of iii is developing. If the assumption is correct and the price does not break down the critical level of 1.2650, the pair growth continues towards 1.2900.

Trading tips

Open long positions above 1.2650 with targets at 1.2900, 1.3000.

Alternative scenario

The breakdown and consolidation below 1.2650 would allow the pair to continue falling towards 1.2550, 1.2500.

USD/CAD: wave analysis

USD/CAD: wave analysis

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