USD/CAD Wave analysis and forecast for 04.07 – 11.07: The correction is nearing completion. The pair is likely to grow.
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Estimated pivot point is at the level of 1.0680.
Our opinion: Buy the pair above the level of 1.0680 with the target of 1.09 – 1.10.
Alternative scenario: The pair will continue to decline to the levels of 1.06 – 1.0550.
Analysis: Presumably, the formation of the downward correction in the fourth wave is nearing completion. Locally, it is likely that the formation of the downward impetus in wave с of 4 is nearing completion. If this assumption is correct, the reversal will become possible and the pair may begin to rise in the fifth wave of the senior level. Breakout of the level of 1.0680 will be the confirmation of the reversal and the beginning of the rise in the pair. Buy positions can be placed above this level, with the stop-loss below the local lows at the moment of the breakout.