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USDCAD Wave analysis and forecast for 26.05 – 02.06

Wave analysis and forecast for 26.05 – 02.06: Correction has completed. The pair is likely to rise.

Estimated pivot point is at the level of 1.3387.

Analysis: Presumably, uptrend continues on the four-hour chart as the wave с of B of the senior level. Locally, it is likely that the downward correction as the fourth wave (iv) has completed and the one-two impetus of the junior level has been formed within the supposed firth wave (v). If this assumption is correct, the pair can continue to rise to the level of 1.3668 – 1.3800. Critical level for this scenario is 1.3387. Breakout of this level will trigger further decline to 1.3300.

Alternative scenario: Breakout and consolidation of the price below the level of 1.3387 will trigger further decline in price to 1.3300.

Our opinion: Buy the pair from correction above the level of 1.3387 with the target of 1.3668. In case of breakdown of the level of 1.3387, sell with the target of 1.3300.

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