USD/СAD Wave analysis and forecast for 09.02 – 16.02

Estimated pivot point is at a level of 1.2630.

Main scenario: short positions will be relevant from corrections below the level of 1.2630 with a target of 1.2480 – 1.2435.

Alternative scenario:breakout and consolidation above the level of 1.2630 will allow the pair to continue the rise up to the levels of 1.2715 – 12920.

Analysis: Supposedly, a descending correction of senior level in the form of the wave 2 of (5) finished developing within the 4-hour time frame. Apparently, a counter-trend impetus has been formed as the wave i of 3. If the presumption is correct, the pair may be expected to drop to the levels of 1.2480 – 1.2435 as part of the correction wave ii of 3. The level 1.2630 may be critical in this scenario.