On the updated chart of USDCAD, we can see that pair could still be trading in wave 2) or B), after recent rally from the 1.2969 level, where we labeled sub-wave B. As such this whole consolidation could be a flat pattern in the making, with sub-wave C now in motion. If we are on the right track, than we now expect a five wave move to develop in the mentioned wave, ideally towards the area of a former wave A at 1.3386 level, where bulls may slow down and bears can take over.
USDCAD, 4H
