USD/СAD: Wave Analysis and Forecast
USD/СAD: Wave analysis and forecast for 01.04 – 08.04: The pair is likely to grow as part of the correction.
Estimated pivot point is at the level of 1.2850.
Our opinion: Buy the pair from correction above the level of 1.2850 with the target of 1.3290 – 1.37.
Alternative scenario: Breakdown and consolidation of the price below the level of 1.2850 will enable the pair to continue decline to 1.2658 – 1.26.
Analysis: Presumably, the formation of the downward impetus has completed in the wave A. At the moment, it is likely that the “bearish” impetus of the junior level has completed in the fifth wave v of A and the pair is reversing towards correction. If this assumption is correct and the price does not break down the critical level of 1.2850, the pair can rise up to 1.3290 – 1.37.
The material has been provided by LiteForex - Finance Services Company - www.liteforex.com
