Growth is possible.

On the daily chart, the upward first wave of the higher level (1) of 5 formed, a correction ended as the second wave (2) of 5, and the third wave (3) of 5 started. Now, the first wave of the lower level 1 of (3) is developing, within which the wave v of 1 is developing. If the assumption is correct, the USD/CAD pair will grow to the area of 1.3950–1.4150. In this scenario, critical stop loss level is 1.3712.

Main scenario

Long positions will become relevant above the level of 1.3712 with the targets at 1.3950–1.4150. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 1.3712 will let the asset go down to the area of 1.3581–1.3361.