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USD/CAD: wave analysis on 22.05.2015

Supposedly, the first counter-trend wave (i) has finished forming within the fifth wave 5 of senior level. Apparently, a descending correction in a form of wave (ii) has started developing. If the assumption is correct, once the correction is completed, it's logical to expect the pair to continue growing to the levels of 1.2450–1.2800 as part of the fifth wave. The level of 1.1918 is critical in this scenario as the breakout will enable the pair to continue declining to the levels 1.1700–1.1800.

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