USD/CAD Wave analysis and forecast for 28.02 – 07.03: Uptrend prevails. Locally, the pair is experiencing correction.. Estimated pivot point is at the level of 1.0907.
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Our opinion: In the short-term: buy the pair below the level of 1.12 with the target of 1.10. In the medium-term: wait for the completion of local correction and buy the pair above the level of 1.0907 with the target of 1.13 – 1.14.
Alternative scenario: Formation of downward correction will continue up to the levels of 1.0830 – 1.0740.
Analysis: It is not excluded that local correction as the second wave 2 of (3) has completed. If this assumption is true, it makes sense to expect that growth will continue in the third wave (3) in the medium-term. In the short-term the pair is likely to decline in the second wave of the senior level. In case of breakdown of the level of 1.0907, downward correction may continue to the levels of 38% – 50%.