The pair USD/CAD is still likely to grow. Estimated pivot point is at a level of 1.3067.

Main scenario: long positions will be relevant from corrections above the level of 1.3067 with a target of  1.3660. 

Alternative scenario: breakout and consolidation below the level of 1.3067 will allow the pair to continue declining to a level of 1.2963 – 1.2796.

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 4-hour timeframe, the first wave  i of 3 has been formed and a downward correction ii of 3 is completed in the form of a zigzag. On the H1 time-frame, apparently, an ascending impetus in the form of wave of junior level (i) of iii of 3 has been formed and the correction (ii) of i is completed. If this assumption is correct, the pair will go on growing to a level of 1.3660 and higher as part of wave (iii) of iii. The level 1.3067 is critical in this scenario.

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Price chart of USDCAD in real time mode

USD/CAD: Wave analysis and forecast for 01/03/2019 – 08/03/2019

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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