The loonie has been in a wedge consolidation over the last year, which has a 5 wave drive , and has now broken channel resistance in the last week with price at 1.2964.
Price may retest and consolidate the channel low before moving down to test
1. Start of the consolidation - 1.2490
2. Prior Swing low - 1.1950
3. Equal legs extension of ABC correction - 1.1500
From here 2 scenarios are plotted for completion of the larger ABC pattern.