USD/CAD Wave analysis and forecast for 14.03 – 21.03: Uptrend prevails. Locally, the pair is experiencing correction. Estimated pivot point is at the level of 1.1151.
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Our opinion: In the short-term: sell the pair below the level of 1.1151 with the target of 1.10 – 1.09. In the medium-term: wait for the completion of local correction.
Alternative scenario: Breakdown and consolidation of the price above the level of 1.1151 will enable the pair to continue growth within uptrend.
Analysis: Presumably, the formation of local correction as the second wave 2 of (3) continues. At the moment, it is not excluded that the wave b of 2 is being formed, taking the shape of a triangle. If this assumption is true, following the formation of a triangle the pair can continue to decline in the third wave of correction с of 2.
