A downward trend continues.

Assumingly, a downward double zigzag within the first wave of a large Bearish correction continues forming. Locally, a correction in wave x seems to have finished and an impulse in wave (a) of y is developing. If the assumption is correct, the pair continues falling towards 1.3280, 1.3054 within the zigzag. Critical for this scenario is the level of 1.3860, a breakout of which would lead to pair’s growth towards 1.4000, 1.4100.

Trading tips

Sell the pair below the level of 1.3860 with targets at 1.3280, 1.3054.

Alternative scenario

The breakout and consolidation above the level of 1.3860 would allow the pair to grow to 1.4000, 1.4100.

USD/CAD: wave analysis

USD/CAD: wave analysis

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