USD/CAD Wave analysis and forecast for 10.02 – 17.02

USD/CAD Wave analysis and forecast for 10.02 – 17.02: Downtrend dominates.

Estimated pivot point is at the level of 1.3216.

Our opinion: Sell the pair from correction below the level of 1.3216 with the target of 1.2809.

Alternative scenario: Breakout and consolidation of the price above the level of 1.3216 will trigger further rise in the pair up to 1.3380.

Analysis: Presumably, the formation of the wave C of the senior level continues.
Locally it is likely that the upward correction ii of C has developed and the third wave iii of C is being formed, within which the wave (ii) has completed and the third wave of the junior level (iii) is being formed. If this assumption is correct, the pair may continue to decline to 1.2809. Critical level for this scenario is 1.3216. After breaking out this level, the pair will continue to rise up to 1.3380.