USD/СAD Wave analysis and forecast of 29.08 – 05.09

USD/СAD Wave analysis and forecast of 29.08 – 05.09: “Bearish” correction is being formed.

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Estimated pivot point is at the level of 1.0998.

Our opinion: Sell the pair from correction below the level of 1.0998 with the target of 1.08 – 1.0760

Alternative scenario: Breakout and consolidation above the level of 1.0998 will make the price continue the rise to the levels of 1.11 – 1.12 as part of the upward trend.

Analysis: Presumably, the formation of the ascending momentum in the first wave i of 5 of (3) is completed. Locally, a bearish correction is being formed in a form of the wave ii. If this assumption is correct, the pair will continue its local decrease to the levels of 1.08 – 1.0760.

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