A decline continues.

An upward impetus has formed within the third wave of the senior level (3). At present, a large “bearish” correction as the fourth wave (4) seems to be forming within which the first wave A as a zigzag is forming. If the assumption is correct, the pair continues declining to 1.2680. A critical for this scenario is the level of 1.3074 the breakout of which would allow the pair to grow to 1.3220-1.3320.

Trading tips

Sell the pair from corrections, below the level of 1.3074 with the target at 1.2680.

Alternative scenario

The breakout and consolidation above the level of 1.3074 would allow the pair to grow to 1.3220-1.3320.

USD/CAD: wave analysis

USD/CAD: wave analysis

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