USD/CAD: Elliott wave analysis and forecast for 03.07.20 – 10.07.20

USD/CAD remains likely to grow. Estimated pivot point is at the level of 1.3486.

Main scenario: consider long positions from corrections above the level of 1.3486 with a target of 1.3740 – 1.3797.

Alternative scenario: Breakout and consolidation below the level of 1.3486 will allow the pair to continue declining to the levels of 1.3315 – 1.3189.

Analysis: On the D1 time frame, the third wave of a larger degree is forming (3) which includes wave 1 of (3). On the 4-hour time frame, a downward correction in the form of wave 2 of (3) has been completed and the development of wave 3 of (3) has begun. On the H1…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>