USD/CAD: Wave Analysis And Forecast For March 15 - 22
The pair USD/CAD is still likely to grow. The 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 the 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. Level 1.3123 is critical in this scenario.