Ascending trend for the pair USD/CAD continues. Estimated pivot point is at a level of 1.2985.

Main scenario: long positions will be relevant from corrections above the level of 1.2985 with a target of 1.3385 – 1.3500.

Alternative scenario: breakout and consolidation below the level of 1.2985 will allow the pair to continue declining to a level of 1.2740.

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 continues developing on the 4-hour timeframe. Apparently, the final fifth wave of junior level (v) of v started forming on the H1 time frame, with the waves i of (v) and ii of (v) formed inside. If the presumption is correct, the pair will continue to rise to levels 1.3385 – 1.3500. The level 1.2985 is critical in this scenario.

USD/CAD: Wave analysis and forecast for 24/08/2018 – 31/08/2018

USD/CAD: Wave analysis and forecast for 24/08/2018 – 31/08/2018

USD/CAD: Wave analysis and forecast for 24/08/2018 – 31/08/2018

Price chart of AA in real time mode

USD/CAD: Wave analysis and forecast for 24/08/2018 – 31/08/2018

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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