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.