The pair is in correction.

Assumingly, a formation of the third wave of the senior level iii of 5 is finished. Locally, a correction in a form of the fourth wave iv seems to be forming, within which the first wave (a) in a shape of a diagonal and a correction of wave (b) seemed to have formed. If the assumption is correct, in the short-term the pair continues falling within wave (c) towards 1.2785. A critical for this scenario is the level of 1.3205, the breakout of which would allow the pair to grow.

Trading tips

Sell the pair below the level of 1.3205 with the target at 1.2785.

Alternative scenario

The breakout and consolidation above the level of 1.3205 would allow the pair to grow to 1.3455.

USD/CAD: wave analysis

USD/CAD: wave analysis

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