USD/CAD: Technicals For 06/29/2018
Mayzus | Jun 29, 2018 11:08AM ET
The pair USD/CAD is still likely to grow. Estimated pivot point is at a level of 1.3043.
Main scenario: long positions will be relevant above the level of 1.3043 with a target of 1.3500 – 1.3600 once the correction has finished.
Alternative scenario: Breakout and consolidation below the level of 1.3043 will allow the pair to continue declining to the levels of 1.2850 – 1.2735.
Analysis: Supposedly, the first wave of senior level 1 of (5) continues to develop within the daily time frame in the form of a wedge. The fifth wave v of 1 is developing in the 4-hour timeframe. Apparently, the third wave of junior level (iii) of v continues forming now in the 1-hour time frame, with a local correction (iv) of iii developing inside. If the presumption is correct, the pair will logically resume dropping to the levels 1.3500 – 1.3600. The level 1.3043 is critical in this scenario.
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