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Main scenario: consider long positions from corrections above the level of 1.3445 with a target of 1.3625 – 1.3724.
Alternative scenario: breakout and consolidation below the level of 1.3445 will allow the pair to continue declining to the levels of 1.3170 – 1.2977.
Analysis: the bullish first wave of larger degree (1) is presumably formed on the daily time frame, with the fifth wave 5 of (1) completed as its part. On the H4 chart, a descending correction continues developing as the second wave (2), with wave А of (2) formed and an ascending corrective wave B of (2) continuing unfolding as its parts. Apparently, wave с of В is developing on H1 time frame, with the third wave of smaller degree (iii) of c forming inside. If the presumption is correct, the USDCAD pair will continue to rise to the levels of 1.3625 – 1.3724. The level of 1.3445 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.3170 – 1.2977.
Price chart of USDCAD in real time mode
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