The pair USD/CAD is still likely to fall. Estimated pivot point is at a level of 1.3095.

Main scenario: short positions will be relevant from corrections below the level of 1.3095 with a target of 1.2820 – 1.2740.

Alternative scenario: breakout and consolidation above the level of 1.3095 will allow the pair to continue the rise up to the levels of 1.3227 – 1.3384.

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, a correction is completed in the form of the wave b of 2 and the wave c of 2 is developing. Apparently, the first wave (i) of c has been formed on the 1-hour time frame and an upward correction finished developing in the form of the wave (ii) of c. If the presumption is correct, the pair will continue to drop to the levels 1.2820 – 1.2740. The level 1.3095 is critical in this scenario.

USD/CAD: Wave analysis and forecast for 28/09/2018 – 05/10/2018

USD/CAD: Wave analysis and forecast for 28/09/2018 – 05/10/2018

USD/CAD: Wave analysis and forecast for 28/09/2018 – 05/10/2018

P.S. Did you like my article? Share it in social networks: it will be the best “thank you" :)

Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.

Useful links:

  • I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
  • Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders

Price chart of USDCAD in real time mode

USD/CAD: Wave analysis and forecast for 28/09/2018 – 05/10/2018

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.

Need to ask the author a question? Please, use the Comments section below. .
Start Trading
Follow us in social networks!
Live Chat
Leave feedback