USDCAD Wave analysis and forecast for 24.03 – 31.03

Wave analysis and forecast for 24.03 – 31.03: Correction in the pair.

Estimated pivot point is at the level of 1.3313.

Analysis: Presumably, the third wave of the senior level iii of C continues to develop. Within this wave one-two first wave (i) is being formed as an impetus. Locally, it is likely that the upward correction as the wave (ii) is being developed taking a shape of a zigzag. If this assumption is correct, in the near future the pair can continue to rise up to 1.3430. Critical level for this scenario is 1.3313.

Alternative scenario: Breakout and consolidation of the price below the level of 1.3313 will trigger further decline in the pair up to 1.3200 – 1.3150.