Ascending trend for the pair USD/CAD continues. Estimated pivot point is at a level of 1.2986.

Main scenario: long positions will be relevant above the level of 1.2986 with a target of 1.3500.

Alternative scenario: breakout and consolidation below the level of 1.2986 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, a local correction in the form of the fourth wave of junior level (iv) of v finishes forming on the 1H time frame. If this assumption is correct, the pair will go on growing to the level of 1.3500. The level 1.2986 is critical in this scenario.

USD/CAD: Wave analysis and forecast for 27/07/2018 – 03/08/2018

USD/CAD: Wave analysis and forecast for 27/07/2018 – 03/08/2018

USD/CAD: Wave analysis and forecast for 27/07/2018 – 03/08/2018

Real-time price chart of AA

USD/CAD: Wave analysis and forecast for 27/07/2018 – 03/08/2018

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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