The pair USD/CAD is still likely to grow. Estimated pivot point is at a level of 1.2924.

Main scenario: long positions will be relevant from corrections above the level of 1.2924 with a target of 1.3227 – 1.3384.

Alternative scenario: Breakout and consolidation below the level of 1.2924 will allow the pair to continue declining to the levels of 1.2735 – 1.2580.

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, correction continues developing in the form of wave b of 2 that is taking an irregular plane shape. Apparently, the wave (c) of b is developing on H1 time frame, with the first wave iii of (c) forming inside. If the presumption is correct, the pair will continue to rise to the levels 1.3227 – 1.3384. The level 1.2924 is critical in this scenario.

USD/CAD: Wave analysis and forecast for 12/10/2018 – 19/10/2018

USD/CAD: Wave analysis and forecast for 12/10/2018 – 19/10/2018

USD/CAD: Wave analysis and forecast for 12/10/2018 – 19/10/2018


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Price chart of USDCAD in real time mode

USD/CAD: Wave analysis and forecast for 12/10/2018 – 19/10/2018

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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