The pair USD/CAD is likely to grow. Estimated pivot point is at a level of 1.3175.

Main scenario: long positions will be relevant above the level of 1.3175 with a target of 1.3390 – 1.3440.

Alternative scenario: Breakout and consolidation below the level of 1.3175 will allow the pair to continue declining to the levels of 1.3130 – 1.3070.

Analysis: Supposedly, a descending correction of senior level in the form of the wave 2 of (5) finished developing within the daily frame and the wave 3 of (5) is forming. On the 4-hour timeframe, an upward impetus finished developing as the first wave i of 3 and a downward correction ii of 3 is forming at the moment. On the H1 time frame, apparently the wave (a) of ii is completed as an impetus. If the presumption is correct, the pair will grow to 1.3390 – 1.3440 as part of the wave (b) of ii under correction. The level 1.3175 is critical in this scenario.

USD/CAD: Wave analysis and forecast for 11/01/2019 – 18/01/2019

USD/CAD: Wave analysis and forecast for 11/01/2019 – 18/01/2019

USD/CAD: Wave analysis and forecast for 11/01/2019 – 18/01/2019


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Price chart of USDCAD in real time mode

USD/CAD: Wave analysis and forecast for 11/01/2019 – 18/01/2019

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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