USD/СAD: Wave analysis and forecast for 11.03 – 18.03: Downtrend dominates.
Estimated pivot point is at the level of 1.3450.
Our opinion: Sell the pair from correction below the level of 1.3450 with the targets of 1.3054.
Alternative scenario: Breakdown and consolidation of the price above the level of 1.3450 will enable the pair to continue the rise up to 1.3850 – 1.3950.
Analysis: Presumably, the formation of the downward zigzag continues in the first wave of the large “bearish” correction. Locally, it seems that the wave is being formed from a zigzag as an impetus, within which the fifth wave (v) of c. iii is being formed. If this assumption is true, the pair will continue to decline to 1.3054. Critical level for this scenario is 1.3450.