A fall is possible.

On the daily chart, the fifth wave of the higher level 5 develops, within which the wave (1) of 5 formed, and a downward correction develops as the second wave (2) of 5. Now, the wave C of (2) is forming, within which the third wave of the lower level iii of C has developed, a correction has ended as the fourth wave iv of C, and the fifth wave v of C is developing. If the assumption is correct, the USD/CAD pair will fall to the area of 1.3000–1.2780. In this scenario, critical stop loss level is 1.3388.

Main scenario

Short positions will become relevant below the level of 1.3388 with the targets at 1.3000–1.2780. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 1.3388 will let the asset grow to the area of 1.3660–1.3864.