USD/CAD: Elliott Wave Analysis And Forecast For 27/03/2020 – 03/04/2020
The USD/CAD pair is correcting, still likely to grow. Estimated pivot point is at a level of 1.3753.Main scenario: long positions should be considered above the level of 1.3753 with a target of 1.4800 – 1.5000 once the correction has formed.Alternative scenario:breakout and consolidation below the level of 1.3753 will allow the pair to continue declining to the levels of 1.3514 – 1.3310.Analysis: On the D1 time frame, supposedly, a descending correction finished developing in the form of the second wave of senior level (2), and wave (3) started forming. The first counter-trend wave of junior level 1 of (3) continues forming as an impetus on the H4 time frame. On the H1 time frame, apparently, the third wave of junior level iii of 1 formed and a local correction is nearing completion in the form of wave iv of 1. If the presumption is correct, the pair will continue to rise to the levels of 1.4800– 1.5000 after the correction. The level of 1.3753 is critical in this scenario as the breakout will enable the pair to continue declining to the levels of 1.3514 – 1.3310.