USD/СAD: Wave Analysis and Forecast for 20.05 – 27.05

USD/СAD: Wave Analysis and Forecast for 20.05 – 27.05

22 May 2016, 18:03
Roberto Jacobs
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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.


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