USD/СAD: Wave analysis and forecast for 18.03 – 25.03: Downtrend dominates.
Estimated pivot point is at the level of 1.3396.
Our opinion: Wait for the completion of correction and sell the pair below the level of 1.3396 with the target of 1.28.
Alternative scenario: Breakdown and consolidation of the price above the level of 1.3396 will enable the pair to continue the rise up to 1.3950.
Analysis: The decline in the pair continues and it seems that the zigzag will gradually turn into impetus. Locally it is likely that the third wave is nearing completion and upward correction as the fourth wave might develop. If this assumption is correct, after the completion of the correction the pair will continue to decline to 1.28. Critical level for this scenario is 1.3396.