USD/CAD Elliott Wave Analysis: 27/12/2019 – 03/01/2020

Correction is nearing completion, the pair USD/CAD is likely to grow. Estimated pivot point is at a level of 1.3041.

Main scenario: long positions should be considered above the level of 1.3041 with a target of 1.3327 – 1.3498 once a correction has formed.

Alternative scenario: breakout and consolidation below the level of 1.3041 will allow the pair to continue declining to the levels of 1.2849 – 1.2657.

Analysis: Supposedly, a descending correction finished developing in the form of the second wave of senior level (2) and the third wave (3) is forming on the D1 time frame. A correction has finished developing in the form of wave ii of 1 of (3) and wave iii of 1 has started forming on the H4 time frame. On the H1 time frame, apparently, the first wave of junior level (i) of iii has formed and a local correction (ii) of iii is nearing completion. If the presumption is correct, the pair may be expected to rise to the levels of 1.3327 – 1.3498. The level of 1.3041 is critical in this scenario as the breakout will enable the pair to continue declining to the levels of 1.2849 – 1.2657 while a correction of senior level continues forming.

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