A chance of decline in the pair remains.

FX:USDCAD   U.S. Dollar/Canadian Dollar
55 1 7
Estimated pivot point is at the level of 1.3213.

My opinion: Sell the pair from correction below the level of 1.3213 with the target of 1.2780 – 1.2660.

Alternative scenario: Breakdown and consolidation of the price above the level of 1.3213 will enable the pair to continue the rise up to 1.37.

Analysis: Presumably, the formation of the downward impetus continues in the wave A. At the moment it seems that the fifth wave is being formed 5 of A, within which the third wave (3) is being developed. If this assumption is correct, and the price does not break out the critical level of 1.3213, the pair will continue to decline to the levels of 1.2780 – 1.2660.

Related Ideas

rajenderam40 about USDJPY a year ago
a year ago
Thank You .I think down move is over for now.Here is why 1) there was a 5 wave move to the downside(march 24th 4 am-- march 31 st 4 am on a 4 hr chart) whenever there is a 5 wave impulsive ,it is followed by a corrective ABC wave, and that is what is unfolding now. wave A from March 31st to April 5th as A wave and currently B wave is unfolding as ABC from here there will be a C wave(that will be a 5 wave move to the upside and will close above 1.32 forming an inverse H&S (from march 9th 1.345 to April 7th 1.315 as neckline ) this will eventually push the price above 1.37 ,,likely to go towards 1.4(.618 fib of the previous swing low on a daily ) 2)1..2850 is also .618 fib level strong support
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