USDCAD may have been trading in a potential flat correction of a higher degree within wave 4 or if that’s not the case, then in a new push higher within final wave 5.

Either way, more gains may follow towards the 1.2950 region, before a bigger three-wave reversal may start to unfold. In the case of a flat correction, former swing lows may be retested.

USDCAD, 1H