USD/CAD: Elliott wave analysis and forecast for 12/06/2020 – 19/06/2020

The pair USD/CAD is likely to grow. Estimated pivot point is at a level of 1.3320.

Main scenario: consider long positions from corrections above the level of 1.3320 with a target of 1.4047 – 1.4143.

Alternative scenario: breakout and consolidation below the level of 1.3320 will allow the pair to continue declining to the levels of 1.3189 – 1.2948.

Analysis: On the D1 time frame, supposedly a descending correction finished developing in the form of second wave of larger degree (2), and wave (3) started forming. Supposedly, the first counter-trend wave of smaller degree 1 of (3) formed and a…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>