USD/CAD: Elliott wave analysis and forecast for 15/05/2020 – 22/05/2020

USD/CAD remains likely to grow. Estimated pivot point is at a level of 1.3900.

Main scenario: consider long positions from corrections above the level of 1.3900 with a target of 1.4351 – 1.4562.

Alternative scenario: breakout and consolidation below the level of 1.3900 will allow the pair to continue declining to the levels of 1.3730 – 1.3598.

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>