The pair USD/CAD is likely to fall under correction. Estimated pivot point is at a level of 1.3340.

Main scenario: short positions will be relevant from corrections below the level of 1.3340 with a target of 1.3108 – 1.3036.

Alternative scenario: breakout and consolidation above the level of 1.3340 will allow the pair to continue rising to a level of 1.3500.

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. The fifth wave v of 1 is developing in the 4-hour timeframe. Apparently, the third wave of junior level (iii) of v is formed in the 1-hour time frame. If this assumption is correct, we may expect that the pair will go down as part of the fourth wave (iv) of v to the levels 1.3108 – 1.3036 under correction. The level 1.3340 is critical in this scenario.

USD/CAD: Wave analysis and forecast for 22/06/2018 – 29/06/2018

USD/CAD: Wave analysis and forecast for 22/06/2018 – 29/06/2018

USD/CAD: Wave analysis and forecast for 22/06/2018 – 29/06/2018

USD/CAD: Wave analysis and forecast for 22/06/2018 – 29/06/2018

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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