USD/СAD: Wave analysis and forecast for 04.03 – 11.03: Downtrend dominates.
Estimated pivot point is at the level of 1.3650.
Our opinion: Sell the pair from correction below the level of 1.3650 with the targets of 1.3280 – 1.3054.
Alternative scenario: Breakdown and consolidation of the price above the level of 1.3650 will enable the pair to continue the rise up to 1.3850.
Analysis: Presumably, the formation of the downward zigzag continues in the first wave of the new “bearish” correction. Locally, it seems that the wave is being formed from a zigzag as an impetus, within which the third wave (iii) of c is nearing completion. If this assumption is true, after the correction (iv) the pair will continue to decline to 1.3280 – 1.3054.