USD/CAD: Elliott Wave Analysis And Forecast For 24/01/2020 – 31/01/2020

The USD/CAD pair is under correction, still likely to grow. Estimated pivot point is at a level of 1.2953.

Main scenario: long positions should be considered from corrections above the level of 1.2953 with a target of 1.3184 – 1.3269.

Alternative scenario:breakout and consolidation below the level of 1.2953 will allow the pair to continue declining to the levels of 1.2849 – 1.2657.

Analysis: On the D1 time frame, supposedly, a descending correction continues developing in the form of the second wave of senior level (2), with wave C of (2) forming inside. On the H4 time frame, the third wave iii of C has finished forming and an ascending correction is developing as wave iv of C. Apparently, wave (a) of iv has formed on the H1 time frame. If the presumption is correct, the pair will continue to rise to the levels of 1.3184 – 1.3269 once correction (b) of iv has finished. The level of 1.2953 is critical in this scenario as the breakout will enable the pair to continue declining to the levels of 1.2849 – 1.2657.

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