FX.co ★ USD/CAD

As the 4th corrective wave, represented by a sharp elongated zigzag "abc", has resulted in a rather deep correction of just over 50% relative to the price range of the previous 3rd wave. Now, I am waiting for the formation of an upper fractal at the level of the current local maximum (1.3673) on the H4 chart of the USD/CAD currency pair, which could serve as the starting point for the development of the final 5th wave to the south. This wave scenario aligns well with the current trends of the major pairs and, in particular, the US dollar index. The formation of another bearish candle will contribute to a reversal of the pair's quotes to the downside. In this case, the possible target for the final 5th wave as part of the impulsive 3rd wave of the pair will be at least the 3rd wave level at 1.3481.