USDCAD Wave analysis and forecast for 10.03 – 17.03

Wave analysis and forecast for 10.03 – 17.03: It is expected that the upward correction will soon complete.

Estimated pivot point is at the level of 1.3600.

Analysis: Presumably, the formation of the wave C of the senior level continues. Locally it is likely that the upward correction, as the wave ii of C, is nearing completion. Within this wave a zigzag (a)(b)(c) is being formed with the extending wave (c). If this assumption is correct, the pair can decline to 1.3300 – 1.3240. Critical level for this scenario is 1.3600.

Alternative scenario: Breakout and consolidation of the price above the level of 1.3600 will trigger further rise in the pair up to 1.3700.