An upward trend is nearing the end. A decline is expected.

Assumingly, the formation of an upward trend within wave b of A is nearing the end. Locally, a last fifth wave of the junior level v within wave (c) of b seems to be forming. If the assumption is correct, after the last fifth wave finishes, it is logical to expect a decline within wave c of A. A critical for this scenario is the level of 1.3263 the breakdown of which leads to a decline towards 1.3100-1.3000.

Trading tips

Sell the pair after the breakdown of the level of 1.3263 with the target at 1.3100-1.3000.

Alternative scenario

The breakout and consolidation above the level of 1.3332 would allow the pair to continue growing to 1.3454 and 1.3600.

USD/CAD: wave analysis

USD/CAD: wave analysis

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