The pair USD/CAD is still likely to fall. Estimated pivot point is at a level of  1.3390.

Main scenario: short positions will be relevant below the level of 1.3390 with a target of 1.2887 – 1.2735.

Alternative scenario:breakout and consolidation above the level of 1.3390 will allow the pair to continue rising to a level of 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, an upward correction of junior level finished developing in the form of wave b of 2 that took an irregular plane shape. Apparently, the wave c of 2 begins developing on the 1H time frame. If the presumption is correct, the pair may be expected to fall to the levels of 1.2887 – 1.2735. The level 1.3390 is critical in this scenario.

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Price chart of USDCAD in real time mode

USD/CAD: Wave analysis and forecast for 23/11/2018 – 30/11/2018

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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