An upward trend is strong.

Assumingly, the third wave of the senior level iii of 5 continues forming, within which an impetus extension is forming. Locally, the third wave of the junior level (iii) seemed to have finished and a correction in a form of wave (iv) is forming. If the assumption is correct, the pair continues growing towards 1.3400 after the correction is over. A critical for this scenario is the level of 1.2857.

Trading tips

Buy the pair above the level of 1.2857 with the target at 1.3400.

Alternative scenario

The breakdown and consolidation below the level of 1.2847 would allow the pair to fall to 1.2600, 1.2550.

USD/CAD: wave analysis

USD/CAD: wave analysis

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