USD/СAD: Wave analysis and forecast for 12.02 – 19.02: The pair is undergoing correction.
Estimated pivot point is at the level of 1.3636.
Our opinion: In the short-term: buy the pair above the level of 1.3636 with the target of 1.41 – 1.4270. In the medium-term: wait for the completion of the correction and sell with the target of 1.3280.
Alternative scenario: Breakdown and consolidation of the price below the level of 1.3636 will enable the pair to continue decline to 1.3280.
Analysis: Presumably, the formation of the downward zigzag has completed in the emerging large “bearish” correction. Locally, it seems that upward correction as the wave b is developing. If this assumption is correct, the pair can rise up to 1.41 – 1.43. Critical level for this scenario is 1.3636. Breakdown of this level will trigger the decline in the pair to 1.3280.