USD/CAD Wave analysis and forecast for 04.04 – 11.04

USD/CAD Wave analysis and forecast for 04.04 – 11.04: Upward correction may continue. Estimated pivot point is at the level of 1.1044.

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Our opinion: Buy the pair on pullbacks from the level of 1.1044 with the target of 1.12.

Alternative scenario: The pair will continue to decline to 1.0885.

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 is nearing completion. If this assumption is true, following breakout of the level of 1.1044 in the nearest future, bullish correction in the wave b of 4 will begin.

USDCAD-D1

USDCAD-H1

USDCAD-H4

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