USD/CAD: Wave analysis and forecast for 22.07 – 29.07: Correction in nearing completion. The pair is likely to decline.
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Estimated pivot point is at the level of 1.3022.
Our opinion: Sell the pair after breakout of the level of 1.3022 with the target of 1.2630.
Alternative scenario: Breakdown and consolidation of the price above the level of 1.3170 will trigger further rise in the pair up to 1.32 – 1.33, or higher.
Analysis: Presumably, the formation of the upward correction continues in the wave B of the senior level, which is taking a shape double three wxy. At the moment, it is assumed that the formation of the wave (с) y of B is nearing completion; within this wave the final diagonal triangle is being formed. If this assumption is correct, the pair may continue to decline to 1.2630. Critical level for this scenario is 1.3170. Break out of this level will trigger further rise in the pair.
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