USD/CAD Wave analysis and forecast for 08.11 – 15.11: The pair is likely to decline. Estimated pivot point is at the level of 1.0500.
Our opinion: Sell the pair from correction below the level of 1.0500 with the target of 1.01 - 1.0.
Alternative scenario: Breakout of the level of 1.0500 will enable the pair to continue growth up to the level of 1.06.
Analysis: It is assumed that presently formation of ascending correction as the second wave, which takes shape of Zigzag with an irregular correction in wave b, has completed. . If this assumption is true, it makes sense to expect that decline in price will continue in the third wave.
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