USD/СAD: Wave Analysis and Forecast for 20.05 – 27.05
Estimated pivot point is at the level of 1.2966.
Our opinion: Buy the pair from correction above the level of 1.2966 with the target of 1.3294 – 1.3540.
Alternative scenario: Breakdown and consolidation of the price below the level of 1.2966 will enable the pair to continue decline to 1.2750 - 1.2450.
Analysis: Presumably, the formation of the upward correction continues in the wave B of the senior level. At the moment, it seems that the first wave of the junior level a of B is being formed within which the third wave (iii) of a is being developed. If this assumption is correct, the pair will continue to rise up to 1.3294 – 1.3540. Critical level for this scenario is 1.2966.