USD/CAD: Wave Analysis And Forecast May 31 – June 7, 2019
The pair USD/CAD is still likely to grow. The estimated pivot point is at a level of 1.3428.
Main scenario: long positions will be relevant from corrections above the level of 1.3428 with a target of 1.3660 – 1.3843.
Alternative scenario: Breakout and consolidation below the level of 1.3428 will allow the pair to continue declining to the levels of 1.3352 – 1.3276.
Analysis: Supposedly, an ascending trend continues to form as the third wave of senior-level 3 of (5) on the daily time frame. The third wave iii of 3 is developing on the H4 time frame, with both the wave (i) of iii formed and the correction in the form of wave (ii) of iii completed inside. On the H1 time frame, apparently, the third wave of junior level (iii) of iii is developing. If this assumption is correct, the pair will continue to rise to 1.3660 and higher. Level 1.3428 is critical in this scenario.
USD/CAD 1 Hour
USD/CAD 4 Hour