USDCAD Wave analysis and forecast for 19.05 – 26.05

Wave analysis and forecast for 19.05 – 26.05: Сorrection continues. The pair is likely to decline.

Estimated pivot point is at the level of 1.3665.

Analysis: Presumably, upward continues in the wave с of B of the senior level. Locally, it is likely that the downward correction is being formed as the fourth wave (iv), within which the wave с of (iv) of the zogzag abc is being developed. If this assumption is correct, the pair can continue to decline to the level of 1.3504. Critical level for this scenario is 1.3665. If the price breaks down this level, the rise can continue up to the level of 1.3800.

Alternative scenario: Breakout and consolidation of the price above the level of 1.3668 will trigger further rise in the pair up to 1.3800.