USDCAD Wave analysis and forecast for 12.05 – 19.05

USDCAD Wave analysis and forecast for 12.05 – 19.05

Wave analysis and forecast for 12.05 – 19.05: The pair is undergoing correction. The pair is likely to decline.

Estimated pivot point is at the level of 1.3772.

Analysis: Presumably, the formation of the upward correction continues in the wave волны с of B of the senior level. Locally, it is likely that the formation of the third wave (iii) of с has completed and the correction as the fourth wave (iv), as the plane abc is being developed. If this assumption is correct, the pair can continue to decline to the level of 1.3580. Critical level for this scenario is 1.3772. If the price breaks down this level, the rise can continue up to the level of 1.3900.

Alternative scenario: Breakout and consolidation of the price above the level of 1.3772 will trigger further rise in the pair up to 1.3900.

Our opinion: Sell the pair from correction below the level of 1.3772 with the target of 1.3580. In case of breakdown of the level of 1.3772, buy with the target of 1.3900.