USD/СAD Wave analysis and forecast of 19.09 – 26.09: Uptrend continues. Locally, the pair is undergoing correction.
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Estimated pivot point is at the level of 1.0807.
Our opinion: Buy the pair from the correction above the level of 1.0807 with the target of 1.12.
Alternative scenario: Breakout and consolidation of the price below the level of 1.0807 will enable the pair to continue the decline to the levels of 1.0750 – 1.07.
Analysis: Presumably, local “bearish” correction as the second wave of the junior level (ii) of iii of 5 is nearing completion. If this assumption is correct, after the completion of the correction the pair will continue to grow to the levels of 1.11 – 1.12 in the third wave. Critical level for this scenario is 1.0807.
