USD/CAD Wave analysis and forecast for 18.04 – 25.04: Formation of downward correction. Downward movement is likely to continue. Estimated pivot point is at the level of 1.0980.
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Our opinion: In the short-term: buy the pair above the level of 1.0980 with the target of 1.1070 – 1.1120. In the medium-term: wait for the completion of the upward correction and sell the pair with the target of 1.0850 – 1.0730.
Alternative scenario: Breakout of the level of 1.0980 will enable the pair to continue decline to the level of 1.0730.
Analysis: Presumably, the formation of impetus in the third wave of the long-term uptrend has completed. Locally, the fourth wave is being formed, within which downward impetus as a wave a of 4 has probably completed and upward correction in wave b is being formed. If this assumption is true the pair will continue to decline to the levels of 1.0850 – 1.0720.