USD/CAD Wave analysis and forecast for 10.07 – 18.07: The pair is likely to grow. Estimated pivot point is at the level of 1.0616.

Our opinion: Buy the pair above the level of 1.0616 with the target of 1.09 – 1.10.

Alternative scenario: Breakout of the level of 1.0616 will enable the decline in the pair up to the level of 1.0550.

Analysis: Presumably, the formation of the downward correction in the fourth wave has completed. Locally, it is likely that the formation of the first in-lead wave has completed. If this assumption is correct, the pair will continue to rise not breaking down the critical level of 1.0616. Otherwise, the pair will continue to decline to the level of 1.0550 as the extension of wave с of 4.