USDCAD seems to be forming a long-term correction wave (4) of the intermediate degree. This is part of the global downward impulse Ⓒ of the primary degree.
The correction wave (4) consists of minor waves W-X-Y-X-Z. Most likely, the W-X-Y-X sub-waves have already ended. Now the price is rising in the final wave Z, taking the form of a minute double zigzag.
The growth rate in the minor wave Z is possible to 1.332. At that level, wave Z will be at 100% of previous actionary wave Y.
Then, after reaching the specified price level, a price reversal is possible and the beginning of a decline in a bearish impulse (5).
According to an alternative option, the formation of an intermediate corrective wave (4) could have ended. Therefore, let’s assume that the first sub-waves of the descending intermediate impulse (5) are being formed.
It is possible that impulse 1 and bullish correction 2 have ended, and now we see a decline in the minor wave 3.
The target for bears is at the support level of 1.230, this level is located on the red line drawn through the ends of the descending waves ⓐ and X.