USDCAD Wave analysis and forecast for 08.08 – 15.08: The pair is likely to grow.

Estimated pivot point is at the level of 1.0880.

Our opinion: Buy the pair from correction above the level of 1.0880 with the target of 1.10 – 1.1050. 

Alternative scenario: Breakout of the level of 1.0880 will allow the pair to continue the decline to the level of 1.08.

Analysis: Presumably, the formation of the ascending momentum in the third wave (iii) has completed. Locally correction is being formed in the fourth wave (iv). If this assumption is correct, after the completion of the correction, the pair will continue to grow in the fifth wave to the levels of 1.10 – 1.1050.