USD/CAD: Wave analysis and forecast for 15/03/2019 – 22/03/2019

The pair USD/CAD is still likely to grow. Estimated pivot point is at a level of 1.3123.

Main scenario: long positions will be relevant from corrections above the level of 1.3123 with a target of  1.3660.

Alternative scenario: Breakout and consolidation below the level of 1.3123 will allow the pair to continue declining to the levels of  1.2963 – 1.2800.

Analysis: Supposedly, an ascending trend continues to form as the third wave of senior level 3 of (5) on the daily time frame. On the 4-hour timeframe, the first wave  i of 3 has been formed and a downward correction ii of 3 is completed in the form of a zigzag. Apparently, the third wave of junior level (iii) of iii started forming on the H1 time frame, with the local correction ii of (iii) nearing completion inside. If this assumption is correct, the pair will go on growing to the level of 1.3660 and higher. The level 1.3123 is critical in this scenario.