USD/CAD Wave analysis and forecast for 16.05 – 23.05

USD/CAD Wave analysis and forecast for 16.05 – 23.05: The decline in the pair is likely to continue.

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Estimated pivot point is at the level of 1.0926.

Our opinion: Sell the pair below the level of 1.0926 with the target of 1.0730. In case of breakdown of the level of 1.0926, buy the pair with the target of 1.12.

Alternative scenario: Breakout of the level of 1.0926 will enable the pair to continue growth to the level of 1.12.

Analysis: Presumably, the formation of the downward correction in the wave с of 4 continues. Locally, downward momentum is being formed, within which the fourth wave has probably completed and the final, the fifth wave is being formed. . If this assumption is correct, and the price does not break down critical level of 1.0926, the pair will continue to decline to the level of 1.0730.

USDCAD-D1 USDCAD-H4

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