USD/СAD Wave analysis and forecast of 22.08 – 29.08

USD/СAD Wave analysis and forecast of 22.08 – 29.08: The pair is likely to grow.

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Estimated pivot point is at the level of 1.0857.

Our opinion: Buy the pair from correction above the level of 1.0857 with the target of 1.1060.

Alternative scenario: Breakout and consolidation below the level of 1.0857 will make it possible for the price to continue the decline to the level of 1.08 in the second wave.

Analysis: Presumably, the formation of the ascending momentum in the first wave i of 5 of (3) is being completed. Locally, the fifth wave (v) is being formed and nearing completion. If this assumption is correct, it’s logical to expect a deep correction to form in the wave ii of 5 of (3) near the level of 1,08.

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USDCAD-D1 USDCAD-H4

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