A decline is expected.

A double zigzag wxy within wave A of 4 continues forming. At present, wave x of A seems to have finished, and wave y of A seems to have started developing. If the assumption is correct, it is logical to expect a decline to 1.2900-1.2700. A critical for this scenario is the level of 1.3193 the breakout of which would lead to a growth towards the area of 1.3300-1.3400.

Trading tips

Sell the pair from corrections, below the level of 1.3193 with the target at 1.2900-1.2700.

Alternative scenario

The breakout and consolidation above the level of 1.3193 would allow the pair to continue growing to 1.3300-1.3400.

USD/CAD: wave analysis

USD/CAD: wave analysis

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