The wave B was a triangle that gave rise to the majority of the rally of wave C, up until wave 3. The 5th wave has already developed 5 component waves, and even the 5th extended component wave appears to be complete with 5 subwaves.
divergence between the 3rd and 5th waves reflects that the rally is weakening and may be done soon. Look for an impulsive ( 5-wave ) decline followed by a partial 3-wave retracement as a potential short entry point.
The correction will be retraced more than 100%, as the primary long-term trend in USD/CAD is down.
This decline would represent between 61.8 and 78.6% retracement of the rally from the points labeled (4) and (5) in the chart above. From this, it may be inferred that the rally from points (4) to (5) is only the first wave of an additional extended 5th wave sequence within the 5th wave of this greater C wave. That is to say that after the presumed correction to 1.131 completes a 2nd wave down, there will be another 3rd wave up, 4th wave down and 5th wave up before the impulsive pattern ends.
Assuming so, and using the distance from (4) to (5), which could be relabeled as 'i', and the hypothesized retracement (wave 'ii') as the rough basis for projecting the ultimate peak of the extended 5th wave sequence, it might suggest a level of around 1.50000.
After that, we see what looks like an initial impulsive wave down followed by a 50% correction. The third and fifth waves should extend significantly further down to create a larger degree first wave before being partially retraced in a larger degree second wave, and so on, if the count is correct thus far.