USD/CAD Wave analysis and forecast for 30.12 – 06.01: The pair is likely to decline.
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Estimated pivot point is at the level of 1.3600.
Our opinion: Sell the pair from correction below the level of 1.3600 with the target of 1.3311 – 1.3074.
Alternative scenario: Breakout and consolidation of the price above the level of 1.3600 will trigger further rise in the pair to 1.37 – 1.38.
Analysis: Presumably, the formation of the long-term upward correction as the wave B of the senior level correction has completed. Locally it is likely that the development of the final zigzag has completed in the diagonal triangle in the wave c of B. If this assumption is correct, the pair may continue to decline to 1.3311 – 1.3074 within the first one-two wave. Critical level for this scenario is 1.3600.
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