Correction is completed, the pair USD/CAD is likely to continue growing. Estimated pivot point is at a level of 1.3041.
Main scenario: long positions will be relevant from corrections above the level of 1.3041 with a target of 1.3349 – 1.3450.
Alternative scenario: Breakout and consolidation below the level of 1.3041 will allow the pair to continue declining to the levels of 1.2849 – 1.2657.
Analysis: On the D1 time frame, supposedly, a descending correction finished developing in the form of the second wave of senior level (2) and wave (3) has started forming. The first wave of junior level i of 1 of (3) has formed and the local correction ii of 1 of (3) finished developing on the H4 time frame. Apparently, the third wave iii of 1 started developing on the H1 time frame, with wave (i) of iii formed and local correction (ii) of iii developing inside. If the presumption is correct, after correction, the pair will continue to rise to the levels of 1.3349 – 1.3450. The level 1.3041 is critical in this scenario.