USD/CAD: Wave Analysis and Forecast for 06.05 – 13.05
USD/CAD: The pair is likely to grow.
Estimated pivot point is at the level of 1.2453.
Our opinion: Buy the pair from correction above the level of 1.2453 with the target of 1.33 – 1.3540.
Alternative scenario:
Breakdown and consolidation of the price below the level of 1.2453 will
enable the pair to continue decline to 1.2250 or further down in the
downtrend.
Analysis: Presumably, the formation
of the downward impetus continues in the wave A. At the moment it seems
that the upward correction is being developed in wave B. If this
assumption is correct, and the price does not break out the critical
level of 1.2453, the pair may continue to rise up to 1.33 – 1.3540 –
1.38.
