USD/CAD Wave Analysis/Forecast: 01/03/2019-02/22/2019
LiteForex | Feb 22, 2019 07:47AM ET
The pair USD/CAD is still likely to grow. Estimated pivot point is at a level of 1.3145.
Main scenario: long positions will be relevant from corrections above the level of 1.3145 with a target of 1.3660.
Alternative scenario: breakout and consolidation below a level of 1.3145 will allow the pair to continue declining to a level of 1.3065 and further below.
Analysis: Supposedly, an ascending trend continues to form as the third wave of senior level 3 of (5) on the daily time frame. On the 4-hour timeframe, the first wave i of 3 has been formed and a downward correction ii of 3 is completed in the form of a zigzag. On the H1 time-frame, apparently, an ascending impetus in the form of wave of junior level (i) of iii of 3 has been formed and the correction (ii) of i is completed. If this assumption is correct, the pair will go on growing to a level of 1.3660 and higher as part of wave (iii) of iii. The level 1.3145 is critical in this scenario.
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