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.
P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂
Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.
- I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
- Use my promo-code BLOG for getting deposit bonus 50% on LiteForex platform. Just enter this code in the appropriate field while depositing your trading account.
- Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/liteforex
Price chart of USDCAD in real time mode
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.