Correction for the pair USD/CAD is nearing completion. Estimated pivot point is at a level of 1.3229.

Main scenario: short positions will be relevant at retracements and below the level of 1.3229 with a target of 1.2887 – 1.2735.

Alternative scenario: breakout and consolidation above the level of 1.3229 will allow the pair to continue the rise up to the levels of 1.3390 – 1.3574.

Analysis: Supposedly, 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 nearing completion in the form of wave b of 2 that took an irregular plane shape. Apparently, a diagonal triangle finishes forming inside the wave (c) of b on the H1 time frame. If this assumption is correct, the pair may be expected to drop to 1.2887 – 1.2735 once it has finished forming. The level 1.3229 is critical in this scenario.

USD/CAD: Wave analysis and forecast for 09/11/2018 – 16/11/2018

USD/CAD: Wave analysis and forecast for 09/11/2018 – 16/11/2018

USD/CAD: Wave analysis and forecast for 09/11/2018 – 16/11/2018

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Price chart of USDCAD in real time mode

USD/CAD: Wave analysis and forecast for 09/11/2018 – 16/11/2018

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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