An upward correction is nearing the end.

Wave A of 4 continues forming, within which wave b of A seems to be nearing the end. Assumingly, a Bearish impetus is developing within wave (c) of b, and if the assumption is correct, a decline within wave c of A is to be expected after the impetus has finished developing. A critical for this scenario is the level of 1.3234 the breakdown of which would lead to a decline to 1.3100-1.3000.

Trading tips

Buy the pair above the level of 1.3234 with the target at 1.3300-1.3350.

Alternative scenario

The breakdown and consolidation below the level of 1.3234 would allow the pair to decline to 1.3100-1.3000.

USD/CAD: wave analysis

USD/CAD: wave analysis

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