The pair USD/CAD is still likely to grow. Estimated pivot point is at a level of 1.3043.

Main scenario: long positions will be relevant above the level of 1.3043 with a target of 1.3500 – 1.3600.

Alternative scenario: Breakout and consolidation below the level of 1.3043 will allow the pair to continue declining to the levels of 1.2850 – 1.2735.

Analysis: Supposedly, the first wave of senior level 1 of (5) continues to develop on the daily time frame in the form of a wedge. The fifth wave v of 1 is developing on the 4-hour timeframe. Apparently, the third wave of junior level (iii) of v continues forming now on the 1-hour time frame, with a local correction (iv) of iii nearing completion inside. If the presumption is correct, the pair will logically continue to rise to the levels 1.3500 – 1.3600. The level 1.3043 is critical in this scenario.

USD/CAD: Wave analysis and forecast for 06/07/2018 – 13/07/2018

USD/CAD: Wave analysis and forecast for 06/07/2018 – 13/07/2018

USD/CAD: Wave analysis and forecast for 06/07/2018 – 13/07/2018

USD/CAD: Wave analysis and forecast for 06/07/2018 – 13/07/2018

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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