A correction in the pair started.

A formation of the third wave of the senior level (3) has finished. At present, a development of the large bearish correction within the fourth wave seems to have started. Locally, a downward impulse within the first wave of the junior level (i) is finishing. If the assumption is correct, the pair continues falling towards the levels of 1.2700, 1.2500 after the correction (ii) ends. A critical for this scenario is the level of 1.3460, a breakout of which would lead to a growth to 1.3600, 1.3700.

Trading tips

Wait for the correction to end and sell the pair below the level of 1.3460 with targets at 1.2700, 1.2500.

Alternative scenario

The breakout and consolidation above the level of 1.3460 would allow the pair to grow to 1.3600, 1.3700.

USD/CAD: wave analysis

USD/CAD: wave analysis

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