USD/СAD Wave Analysis/Forecast: 02.02–02.09
Mayzus | Feb 02, 2018 09:06AM ET
Estimated USD/CAD pivot point is at a level of 1.2332.
Main scenario: short positions will be relevant from corrections below the level of 1.2332 with a target of 1.2220 – 1.2180.
Alternative scenario: Breakout and consolidation above the level of 1.2332 will allow the pair to continue rising to a level of 1.2600.
Analysis: Supposedly, a descending correction of senior level in the form of the wave 2 of (5) continues to develop within the 4-hour time frame.
Apparently, the wave c of 2 is forming now, with the fifth wave of junior level (v) of c forming inside. If the presumption is correct, the pair will continue to drop to the levels 1.2220 – 1.2180. The level 1.2332 is critical in this scenario.
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