There is quite alot of discussions regarding the direction of this pair, both short and long term, so I decided to look at it closely. After making a powerful impulse down, CAD is now needing a long consolidation period. The corrective structure is unfolding as a complex 3 wave structure. A 5 wave structure is expected for the Y wave, and more time is needed before the pair heads lower. I would prefer to stay out of trading this pair until at least the completion of (d) wave to make sure not to be trapped in choppy price action.
