USD/CAD: Wave analysis and forecast for 01.07 – 08.07: Correction is nearing completion.

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Estimated pivot point is at the level of 1.2912.

Our opinion: Buy the pair from correction above the level of 1.3175 with the target of 1.3294. If the price consolidates below the level of 1.2912, sell with the target of 1.2630.

Alternative scenario: Breakdown and consolidation of the price below the level of 1.2912 will trigger further decline to 1.2630 – 1.25.

Analysis: Presumably, the formation of the upward correction is nearing completion in the wave B of the senior level. At the moment, it seems that the wave с of B is being developed, within which the fourth wave (iv) of the diagonal triangle has co0mpleted. If this assumption is correct, the pair may continue to rise to 1.3175 in the fifth wave (v). Critical level for this scenario is 1.2912.

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