USD/СAD Wave analysis and forecast for 23.03 – 30.03

The pair is under correction

Estimated pivot point is at a level of 1.3124

Main scenario: short positions will be relevant from corrections below the level of 1.3124 with a target of 1.2690 – 1.2586.

Alternative scenario:breakout and consolidation above the level of 1.3124 will allow the pair to continue rising to a level of 1.3300.

Analysis: Supposedly, the third wave of senior level 3 of (5) continues to develop within the 4-hour time frame. Apparently, the first wave i of 3 has been formed as an impetus and a downward correction is developing now in the form of the wave ii of 3. If the presumption is correct, the pair will continue to drop to the levels 1.2690 – 1.2586. The level 1.3124 is critical in this scenario.