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.
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Price chart of USDCAD in real time mode
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