The USDCAD pair sees an upward price movement within the large wave Ⓨ of the primary degree. Judging by the internal structure, wave Ⓨ takes the form of a simple 3-wave zigzag. This is marked by intermediate sub-waves (A)-(B)-(C).
The intermediate wave (A) in the form of an impulse, as well as the bearish correction (B) which is a minor zigzag A-B-C, seem fully complete.
Thus, since the construction of the intermediate correction (B) has ended, the intermediate wave (C) will be the next target.
The end of wave (C) could be near 1.312. At that level, intermediate impulses (A) and (C) will be equal.
According to an alternative scenario, within the framework of a global double zigzag consisting of primary sub-waves Ⓦ-Ⓧ-Ⓨ, only the middle part is complete. Specifically, that is the primary intervening wave Ⓧ.
It is likely that the intervening wave Ⓧ has a complex triple zigzag formation. This consists of intermediate sub-waves (W)-(X)-(Y)-(X)-(Z).
Once the intermediate intervening wave (X) ends, prices could lower in the final wave (Z) towards the 1.223 area. At that level, primary intervening wave Ⓧ will be at 76.4% of actionary wave Ⓦ.