USDCAD made a nice recovery from the 1.318 level, giving us an idea of a completed five-wave fall from January highs. We now see a completed bearish impulse, which can be followed by a minimum three-wave recovery (i/a, ii/b and iii/c) and can take price towards the 1.3400 area or above, if a five-wave rally is in the making. That said, at the moment we expect a minor pullback to unfold, labeled as wave ii or b, which can look for support and a bounce near the Fibonacci ratio of 50.0 or 61.8.

USDCAD, 1h

(Click on image to enlarge)