It looks like the current wave to the downside (A) is just the first leg of larger impulsive move and now it is in corrective cycle. First leg of this cycle has been made as impulsive (but often including diagonals) wave 1 or A. Now the next step is to finish wave B in three waves of WXY progress before price will rebound and regain the momentum to the upside.
Levels to buy the USD/CAD in anticipation of impulsive momentum rebound are on chart.
Take care,
Seb
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