Elliott wave analysis and forecast for 26/06/2020 – 03/07/2020

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USD/CAD remains likely to grow. Estimated pivot point is at a level of 1.3481.

Main scenario: consider long positions from corrections above the level of 1.3481 with a target of 1.3875 – 1.4047.

Alternative scenario: breakout and consolidation below the level of 1.3481 will allow the pair to continue declining to the levels of 1.3189 – 1.2948.

Analysis: On the D1 time frame, supposedly a descending correction finished developing in the form of second wave of larger degree (2), and wave (3) started forming. On the 4-hour time frame, a descending correction finished developing in the form of wave 2 of (3) and wave 3 of (3) started forming, with wave i of 3 forming inside. Apparently, the wave (iii) of i is developing on the H1 time frame.  If this assumption is correct, the pair will continue to rise to 1.3875 – 1.4047. The level of 1.3481 is critical in this scenario as the breakout will enable the pair to continue declining to the levels of 1.3189 – 1.2948.

LiteForex: USD/CAD: Elliott wave analysis and forecast for 26/06/2020 – 03/07/2020


LiteForex: USD/CAD: Elliott wave analysis and forecast for 26/06/2020 – 03/07/2020


LiteForex: USD/CAD: Elliott wave analysis and forecast for 26/06/2020 – 03/07/2020


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Price chart of USDCAD in real time mode

USD/CAD: Elliott wave analysis and forecast for 26/06/2020 – 03/07/2020

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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