USD/СAD: Wave Analysis and Forecast for 27.05 – 03.06

USD/СAD: Wave Analysis and Forecast for 27.05 – 03.06

29 May 2016, 05:25
Roberto Jacobs
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USD/СAD: Wave Analysis and Forecast for 27.05 – 03.06

Estimated pivot point is at the level of 1.2767.

Our opinion: Buy the pair from correction above the level of 1.2767 with the target of 1.3294.

Alternative scenario: Breakdown and consolidation of the price below the level of 1.2767 will trigger further decline to 1.25 - 1.24.

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 as a diagonal, within which the fourth wave (iv) of a is nearing completion. f this assumption is correct, the pair will continue to rise up to 1.3294. Critical level for this scenario is 1.2767.


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