USD/CAD remains likely to fall. Estimated pivot point is at a level of 1.4264.
Main scenario: Consider short positions from corrections below the level of 1.4264 with a target of 1.3788 – 1.3598.
Alternative scenario:breakout and consolidation above the level of 1.4264 will allow the pair to continue rising to the levels of 1.4350 – 1.4562.
Analysis: On the D1 time frame, supposedly, a descending correction finished developing in the form of second wave of larger degree (2), and wave (3) started forming. Supposedly, the first counter-trend wave of smaller degree 1 of (3) formed and a descending correction is developing in the form of wave 2 of (3) on the H4 time frame. On the H1 time-frame, apparently, wave a of 2 formed, wave b of 2 finished developing and wave c of 2 started forming. If the presumption is correct, the pair will continue to drop to the levels of 1.3788 – 1.3598. The level of 1.4264 is critical in this scenario as the breakout will enable the pair to continue rising to the levels of 1.4350 – 1.4562.
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