USD/CAD Wave analysis and forecast for 29.11 – 06.12: The pair continues to grow. There is a chance of short-term decline as part of correction.Estimated pivot point is at the level of 1.0407.Our opinion: Wait for the formation of correction in wave b and buy the pair above the level of 1.0407 with the target of 1.07.Alternative scenario: Breakout of the level of 1.0470 will enable the pair to continue decline to the levels of 1.03 – 1.02.Analysis: It is not ruled out that the pair has resumed long-term uptrend; on the daily timeframe the fifth wave of diagonal in wave (c) of the higher level is being formed. Locally it is assumed that ascending momentum as a wave a of the expected Zigzag of 5 of (c) has completed. Local correction in wave b may take place.
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Sunday, 1 December 2013
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