USDCAD is highly correllated to Crude, and its wave structure is pretty clear. Wave 3 has been completed mid march, the correction in wave 4 is completed, and the first impulse of wave 5 is over. Now that the correction in wave 5.2 completes, the upward movement will resume.
It is unclear if the correction is over or not. It may well be over, but depending on Crude performance can very well go for another round of zigzags and flatten itself further in the range of 1.2130 - 1.2450. I have very little doubt that this is a correction and it will be fully retraced in an upward movement sooner or later, but I need to wait for a confirmation of an impulse-correction structure in order to enter the next impulse.
It is unclear if the correction is over or not. It may well be over, but depending on Crude performance can very well go for another round of zigzags and flatten itself further in the range of 1.2130 - 1.2450. I have very little doubt that this is a correction and it will be fully retraced in an upward movement sooner or later, but I need to wait for a confirmation of an impulse-correction structure in order to enter the next impulse.
