USD/CAD: Wave analysis and forecast for 15.07 – 22.07

USD/CAD: Wave analysis and forecast for 15.07 – 22.07: The pair is likely to decline.

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Estimated pivot point is at the level of 1.2876.

Our opinion: Sell the pair from correction below the level of 1.3135 with the target of 1.2630.

Alternative scenario: Breakdown and consolidation of the price above the level of 1.3135 will trigger further rise in the pair up to 1.32, or higher.

Analysis: Presumably, the formation of the upward correction has completed in the wave B of the senior level. At the moment, it is assumed that the wave C of the senior level is being developed within which one-two first wave (i) is being formed. If this assumption is correct, the pair may continue to decline to 1.2630. Critical level for this scenario is 1.3135.

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