USD/CAD: Wave Analysis And Forecast For June 14– 21, 2019

Correction is completed, the pair USD/CAD is likely to grow. Estimated pivot point is at a level of 1.3237.Main scenario: long positions will be relevant from corrections above the level of 1.3237 with a target of 1.3431 – 1.3567. Alternative scenario: Breakout and consolidation below the level of 1.3237 will allow the pair to continue declining to the levels of 1.3109 – 1.3065.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 H4 time-frame, the first wave of junior level i of 3 has formed and the downward correction ii of 3 finished developing. Apparently, the wave iii of 3 started developing on the H1 time frame. If this assumption is correct, the pair will continue to rise to 1.3431 – 1.3567. The level 1.3237 is critical in this scenario.

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