The pair USD/CAD is still likely to grow. Estimated pivot point is at a level of 1.2847.

Main scenario: long positions will be relevant from corrections above the level of 1.2847 with a target of 1.3300 – 1.3400.

Alternative scenario:breakout and consolidation below the level of 1.2847 will allow the pair to continue declining to a level of 1.2525.

Analysis: Supposedly, the first wave of senior level 1 of (5) continues to develop within the daily time frame in the form of a wedge. Apparently, the fifth wave of junior level v of 1 is forming now, with the wave  (iii) of v forming inside. If the presumption is correct, the pair will continue to rise to levels 1.3300 – 1.3400. The level 1.2847 is critical in this scenario.

 

USD/CAD: Wave analysis and forecast for 08/06/2018 – 15/06/2018

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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