The pair USD/CAD remains likely to grow. Estimated pivot point is at a level of 1.3271.
Main scenario: long positions should be considered from corrections above the level of 1.3271 with a target of 1.3564 – 1.3664.
Alternative scenario: breakout and consolidation below the level of 1.3271 will allow the pair to continue declining to the levels of 1.3201 – 1.3142.
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 counter-trend wave of junior level 1 of (3) is forming as an impetus on the H4 time frame. Apparently, the fifth wave of junior level v of 1 is forming on the H1 time frame, with wave (iii) of v forming inside. If the presumption is correct, the pair will continue to rise to the levels 1.3564 – 1.3664. The level of 1.3271 is critical in this scenario as the breakout will enable the pair to continue declining to the levels 1.3201 – 1.3142.