USDCAD appears to be entering the 3rd wave based on my analysis. Due to the strong pull back from wave 1 to the .618, I am expecting wave 3 to be a normal wave that will not go past the 1.618 extension. I expect wave 5 to be an extended wave with a distance a bit shy of the distance between the start of wave 1 and the end of wave 3. Since neither wave 1 nor 3 is expected to be extended, I am more convinced that wave 5 will be extended. I have placed my stop loss below the start of wave 3.
TP 1: 1.355
TP 2: 1.368
TP 1: 1.355
TP 2: 1.368
Comment:
TP 1 HIT!