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Main scenario: Consider buying positions from corrections above 1.3586 with a target of 1.4000 – 1.4200.
Alternative scenario: Breaking and holding below the 1.3586 level will allow the pair to continue falling to the 1.3354 – 1.3170 levels.
analysis: The first bullish wave of larger degree (1) continues to develop on the daily time frame, with wave 5 of (1) forming as part of it. The third wave of smaller degree iii of 5 is developing on the H4 chart, with wave (iii) of iii continuing to form within it. Apparently, the local corrective wave iv of (iii) of iii has completed, and wave v of (iii) of iii is developing on the H1 chart. If this assumption is correct, then… US Dollar/Canadian Dollar The pair will continue to rise to 1.4000 – 1.4200. The 1.3586 level is crucial in this scenario as breaking it will allow the pair to continue falling to the 1.3354 – 1.3170 levels.
USDCAD price chart in real time mode
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