USD/СAD Wave analysis and forecast of 10.10 – 17.10

USD/СAD Wave analysis and forecast of 10.10 – 17.10: Uptrend continues. The pair is likely to continue growth.

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Estimated pivot point is at the level of 1.1070.

Our opinion: Buy the pair from the correction above the level of 1.1070 with the target of 1.13.

Alternative scenario: Breakout and consolidation of the price below the level of 1.1070 will enable the pair to continue the decline to the levels of 1.10 – 1.09.

Analysis: Presumably, the formation of the third wave iii of the senior level continues. In this wave the fifth wave of the junior level (v) of iii is being formed. If this assumption is correct and the price does not break down the critical level of 1.1070, it makes sense to expect that the pair will continue to grow to the level of 1.13 in the third wave.

USDCAD-D1

USDCAD-H4

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