Main scenario: consider long positions above the level of 1.3230 with a target of 1.3975 – 1.4205 once a correction is formed.
Alternative scenario: breakout and consolidation below the level of 1.3230 will allow the pair to continue declining to the levels of 1.2946 – 1.2729.
Analysis: the fifth wave of larger degree 5 is presumably developing on the daily chart, with wave (3) of 5 forming as its part. The third wave 3 of (3) continues unfolding on the H4 chart, with wave iii of 3 and correction iv of 3 completed as its parts. The fifth wave v of 3 is currently developing. Apparently, the first wave of smaller degree (i) of v is formed on the H1 chart, and a local correction is presumably nearing completion as wave (ii) of v. If the presumption is correct, the pair will continue to rise to the levels of 1.3975 – 1.4205 after the correction. The level of 1.3230 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.2946 – 1.2729.
Price chart of USDCAD in real time mode
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