The USD/CAD rate is likely to decline. Estimated pivot point is at a level of 1.3170.

The USD/CAD rate is likely to decline. Estimated pivot point is at a level of 1.3170.

Main scenario: short positions will be relevant from corrections below the level of 1.3170 with a target of 1.2887 – 1.2735.

Alternative scenario: Breakout and consolidation above the level of 1.3170 will allow the pair to continue rising to the levels of 1.3280 – 1.3384.

Analysis: The wedge-shaped first wave of senior level 1 of (5) finished developing on the daily time frame, and the downward correction 2 of (5) is forming at the moment. On the H4 time frame, a correction of junior level is complete in the form of wave b of 2 that has taken an irregular plane shape. Apparently, the wave c of 2 starts developing on H1 time frame. If the presumption is correct, the pair will continue declining towards the levels 1.2887 – 1.2735. The level 1.3170 is critical in this scenario.

 

 

 


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USD/CAD: Wave analysis and forecast for 02/11/2018 – 09/11/2018

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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