USD/CAD: Elliott wave analysis and forecast for 05/06/2020 – 12/06/2020

USD/CAD remains likely to fall. Estimated pivot point is at a level of 1.3576.

Main scenario: consider short positions from corrections below the level of 1.3576 with a target of 1.3400 – 1.3300.

Alternative scenario: breakout and consolidation above the level of 1.3576 will allow the pair to continue rising to the levels of 1.3831 – 1.4047.

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. On the H4 time frame the first counter-trend wave of smaller degree 1 of (3) formed…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>