USDCAD Wave analysis and forecast for 01.08 – 08.08: The pair is likely to grow.

Estimated pivot point is at the level of 1.0787.

Our opinion: Buy the pair above the level of 1.0787 with the target of 1.0990 – 1.10. 

Alternative scenario: Breakout of the level of 1.0787 will allow the pair to decline up to the levels of 1.07 - 1.0616.

Analysis: Presumably, the formation of the ascending momentum as the first, one-two, one-two wave in the fifth wave of the senior level is being formed. Locally, the third wave (iii) of I is being developed. If this assumption is correct, the pair will continue to grow without breaking down the critical level of 1.0787.