The current USDCAD cycle suggests that we are in the final part of a bearish zigzag Ⓐ-Ⓑ-Ⓒ.
Wave Ⓒ consists of intermediate sub-waves (1)-(2)-(3)-(4)-(5). Four parts of the 5-wave impulse have completed, whereas the fifth and final wave is currently under development.
Wave (5) consists of minor sub-waves 1-2-3-4-5. Wave 5 could see an end near 1.315, completing the primary impulse Ⓒ.
The projected target would respect the tenancy of wave Ⓒ being extended 123.6% of wave Ⓐ.
An alternative scenario suggests that USDCAD is in a bearish double zigzag w-x-y. The cycle degree wave w has ended its course.
At the time of writing, we are in the bullish intervening wave x. This consists of three primary sub-waves Ⓐ-Ⓑ-Ⓒ, where impulse Ⓐ and flat Ⓑ waves are complete.
In the short term, the pair could rise in impulse wave Ⓒ near 1.399.
At that level, wave x will be at 50% of wave w.