USD/CAD: Elliott wave analysis and forecast for 08/05/2020 – 15/05/2020

USD/CAD remains likely to fall. Estimated pivot point is at a level of 1.4165.

Main scenario: Consider short positions from corrections below the level of 1.4165 with a target of 1.3730 – 1.3598.

Alternative scenario: breakout and consolidation above the level of 1.4165 will allow the pair to continue rising to the levels of 1.4562 – 1.4671.

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 descending correction…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>