An increase is possible.

On the daily chart, a rising wave at a higher level (1) is formed, where wave 5 of (1) develops. Now, the lower level wave v of 5 is developing, where wave (iii) of v has ended, and a correction is formed as wave (iv) of v. If the expectation is correct, the USD/ CAD pair will expand to the level of 1.4303–1.4400. In this scenario, the critical stop loss level is 1.3923.

Main scenario

A buy position could be relevant above the 1.3923 level with a target at 1.4303–1.4400. Implementation period: 7 days or more.

Alternative scenarios

Breakout and price consolidation below the 1.3923 level will allow the asset to drop to the 1.3643–1.3400 level.