Wave Count showing Critical Levels in EURCAD

FX:EURCAD   Euro Fx/Canadian Dollar
38 0 1
The Downtrend in EURCAD             that we've seen since mid 2014 has seen a sharp rally since April of this Year.

We now see the pair retrace to the deepest retracement, the 88.6% fib.

There is still a possibility, that the last leg in this correction turns into a double corrective structure, we often see that in alternation. As well the first leg had shallow retraces so seeing a deep retrace also fits the rules of alternation. If this leg is a wave W, it would target the next leg below 1.30

There may be a good trade setup here as the invalidation levels are quite clear,
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