The USD/CAD price is still likely to grow. Estimated pivot point is at a level of 1.3062.
Main scenario: long positions will be relevant above the level of 1.3062 with a target of 1.3500 – 1.3600.
Alternative scenario: Breakout and USD/CAD price consolidation below the level of 1.3062will make the USD/CAD rate continue declining to the levels of 1.2850 – 1.2735.
Analysis: Supposedly, the first wave of senior level 1 of (5) continues to develop on the daily time frame in the form of a wedge. The fifth wave v of 1 is developing on the 4-hour timeframe. Apparently, the third wave of junior level (iii) of v continues forming now on the 1-hour time frame, with the complete local correction iv of (iii) inside. If the presumption is correct, it is reasonable to expect the USD/CAD price to continue rising towards the levels of 1.3500 – 1.3600. The level 1.3062 is critical in this scenario.
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