On the 1H chart of USDCAD, we are tracking a possible five wave move to the downside, after price completed a correction of a higher degree in blue wave 4-circled. At present, price seems to have completed red wave 3) with five visible sub-waves and could now already be facing a corrective pullback in wave 4), as trend made a nice reversal towards 1.2900 area labeled as wave A, the first leg of a three wave correction. That said pair may ideally move towards 1.29233 area, after black wave B is completed, where fibo ratio of 38.2 may act as a turning point into lower levels.
USDCAD, 1H
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