USD/СAD Wave analysis and forecast of 03.10 – 10.10: With an ascending trend, the pair is likely to continue growth.
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Estimated pivot point is at the level of 1.1066.
Our opinion: Buy the pair from corrections above the level of 1.1066 with the target of 1.13.
Alternative scenario: Breakout and consolidation of the price below the level of 1.1066 will enable the pair to continue to decline to the levels of 1.1010 – 1.010 as part of second wave correction.
Analysis: Presumably, the third wave iii of the senior level continues to be forming, with the third wave of junior order (iii) of iii developing as its part. Locally, the impetus in the first wave i of (iii) and its correction ii of (iii) are completed. If the assumption is correct and the price does not break the critical level of 1.1066, the pair will continue to grow to the levels of 1.12 – 1.13 as part of the third wave.
