The probability of an increase in USD/CAD remains. Estimated pivot point is at the level of 1.3225.
Main scenario: “long positions” are relevant from corrections above the level of 1.3225 with the target of 1.3432 – 1.3564.
Alternative scenario: breakout and consolidation below the level of 1.3225 will allow for a decrease to 1.3178 – 1.3102.
Analysis: within the daily timeframe, the downward correction has presumably formed as the second wave of the senior level (2) and the wave (3) has started forming. On the 4-hour timeframe, the formation of the first wave of the junior level 1 of (3),…
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