USD/CAD Wave analysis and forecast for 11.04 – 18.04: The pair is likely to rise within local correction. Estimated pivot point is at the level of 1.0855.
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Our opinion: In the short-term: buy the pair above the level of 1.0855 with the target of 1.1070 – 1.1120. In the medium-term: wait for the completion of the upward correction and sell the pair with the target of 1.0730.
Alternative scenario: Breakout of the level of 1.0855 will enable the pair to continue decline to the level of 1.0730.
Analysis: Presumably, the formation of impetus in the third wave of the long-term uptrend has completed. Locally, the fourth wave is being formed, within which downward impetus as a wave a of 4 has probably completed. If this assumption is true the bullish correction can develop in wave b of 4 to the levels of 1.1070 – 1.1120.
