USD/CAD Wave Technicals: 03/22/2019-03/29/2019
LiteForex | Mar 22, 2019 11:15AM ET
The pair USD/CAD is still likely to grow. Estimated pivot point is at a level of 1.3245.
Main scenario: long positions will be relevant from corrections above the level of 1.3245 with a target of 1.3660.
Alternative scenario:Breakout and consolidation below the level of 1.3245 will allow the pair to continue declining to the levels of 1.2963 – 1.2800.
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. Apparently, the third wave of junior level (iii) of iii started forming on the H1 time frame, with the local correction ii of (iii) completed inside. If this assumption is correct, the pair will go on growing to a level of 1.3660 and higher. The level 1.3245 is critical in this scenario.
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