USDCAD Wave analysis and forecast for 05.05 – 12.05

Wave analysis and forecast for 05.05 – 12.05: Uptrend continues.

Estimated pivot point is at the level of 1.3679.

Analysis: Presumably, the formation of the wave с of B continues. Within this wave the third wave (iii) is being developed as an impetus. Locally, it is likely that the wave iii of (iii) of the junior level is being developed. If this assumption is correct, the pair can continue to rise up to the level of 1.3900. Critical level for this scenario is 1.3679. If the price breaks down this level, the decline can continue up to the level of 1.3500 – 1.3400.

Alternative scenario: Breakout and consolidation of the price below the level of 1.3679 will trigger further decline in the pair to 1.3500 – 1.3400.