USD/CAD Wave analysis and forecast for 20.12 – 27.12

Uptrend prevails. The pair continues to grow.Estimated pivot point is at the level of 1.0554.Our opinion: Buy the pair above the level of 1.0554 with the target of 1.0770.Alternative scenario: Breakdown of the level of 1.0554 will enable the pair to continue decline to the levels of 1.05 – 1.04.Analysis: It is assumed that on the daily timeframe the fifth wave of a diagonal in wave (c) of the higher level is being formed. Locally it is possible that this is only the first wave of a zigzag a of 5 of (c). If this assumption is correct, the pair will continue to grow to the level of 1.0770 and after that the pair may experience correction b of 5.

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