2016-07-29 17:41:50


Estimated pivot point is at the level of 1.3243.

Our opinion:Sell the pair from correction below the level of 1.3243 with the target of 1.2858.

Alternative scenario:Breakdown and consolidation of the price above the level of 1.3243 will trigger further rise in the pair up to 1.33 – 1.34, or higher.

Analysis: Presumably, the formation of the upward correction has completed in the wave B of the senior level, which has a shape double three wxy. Locally, it seems that one-two impetus of the junior level has formed. If this assumption is correct, the pair may go down to the level of 1.2858. Critical level for this scenario is 1.3243.

USD/CAD H1

USD/CAD H4