USD/СAD: Wave analysis and forecast for 22.04 – 29.04

USD/СAD: Wave analysis and forecast for 22.04 – 29.04

USD/СAD:  The pair is likely to rise.

Estimated pivot point is at the level of 1.2590.

Our opinion: Buy the pair from correction above the level of 1.2590 with the target of 1.2990 – 1.32.

Alternative scenario: Breakdown and consolidation of the price below the level of1.2590 will enable the pair to continue the decline to 1.25 – 1.24.

Analysis: Presumably, the formation of the downward impetus has completed in the wave A. At the moment it seems that the pair is going to reverse and undergo correction. If this assumption is correct, and the price does not break out the critical level of 1.2590, the pair will continue to rise up to 1.2990 – 1.32.