USD/CAD Wave analysis and forecast for 25.04 – 02.05

USD/CAD Wave analysis and forecast for 25.04 – 02.05: Formation of upward correction is nearing completion. A chance of decline in the pair.

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Estimated pivot point is at the level of 1.1014.

Our opinion: Wait for the completion of the upward correction and sell the pair with the target of 1.0850 – 1.0730.

Alternative scenario: Breakout of the level of 1.1014 will enable the pair to continue decline to the level of 1.0730.

Analysis: Presumably, the formation of ascending correction in the wave b of 4, which is taking a shape of the usual zigzag, is nearing completion. If this assumption is correct, following its completion, the pair will continue the decline to the levels of 1.0850 – 1.0720. Breakdown of the level of 1.101 will serve as a confirmation.

USDCAD-D1 USDCAD-H1

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