Pair is in correction. A short-term growth is expected.

The formation of an upward impulse within the third wave of the senior level (3) has finished. At present, the development of a large Bearish correction within the fourth wave seems to have started. Locally, the first wave of the junior level a of A seems to have finished. If the assumption is correct, a short-term growth within wave b of A towards the area of the level of 1.3250 is expected.

Trading tips

In the short-term, buy the pair above the level of 1.2895 with targets at 1.3200, 1.3250. In the medium-term, wait for correction to end and sell the pair below the level of 1.3460 with targets at 1.2700, 1.2500.

Alternative scenario

The breakdown and consolidation below the level of 1.2895 would allow the pair to fall to 1.2700, 1.2500.

USD/CAD: wave analysis

USD/CAD: wave analysis

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