USD/CAD: Wave Analysis And Forecast For June 21-28, 2019

Correction is nearing completion, the pair USD/CAD is likely to grow. Estimated pivot point is at a level of 1.3060.Main scenario: long positions will be relevant above the level of 1.3060 with a target of 1.3567 – 1.3700 once correction has formed. Alternative scenario: Breakout and consolidation below the level of 1.3060 will allow the pair to continue declining to the levels of 1.2910 – 1.2797.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 is nearing completion. Apparently, the wave (c) of ii is nearing completion on the H1 time frame. If the presumption is correct, the pair may be expected to rise to the levels of 1.3567 – 1.3700 in the nearest future. The level 1.3060 is critical in this scenario.

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