USD/CAD: Wave Analysis And Forecast For 03/08/2018-10/08/2018
Ascending trend for the pair USD/CAD continues. Estimated pivot point is at a level of 1.2970.
Main scenario: long positions will be relevant from corrections above the level of 1.2970 with a target of 1.3500.
Alternative scenario:breakout and consolidation below the level of 1.2970 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 finished forming on the 1H time frame and the wave (v) of v started developing. If this assumption is correct, the pair will go on growing to the level of 1.3500. The level 1.2970 is critical in this scenario.