USD/CAD: Elliott wave analysis and forecast for 10.07.2020 – 17.07.2020

USD/CAD pair is in correction, remains likely to decrease. Estimated pivot point is at the level of 1.3712.

Main scenario: consider short positions from corrections below the level of 1.3712 with the target in 1.3315 – 1.3189.

Alternative scenario: breakout and consolidation above the level of 1.3712 will allow the pair to continue rising to the levels of 1.4052 – 1.4138.

Analysis: on the USD/CAD daily timeframe, a downward correction is developing as the fourth wave of a larger degree (4). A downward impulse is formed on the 4-hour timeframe as wave C of (4), which includes wave iv of C and the developing wave v of…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>