USD/CAD: Elliott wave analysis and forecast for 17/07/2020 – 24/07/2020

USD/CAD remains likely to grow. Estimated pivot point is at a level of 1.3488.

Main scenario: consider long positions from corrections above the level of 1.3488 with a target of  1.3828 – 1.4052.

Alternative scenario: breakout and consolidation below the level of 1.3488 will allow the pair to continue declining to the levels of 1.3315 – 1.3189.

Analysis: Supposedly, a descending correction has formed as the fourth wave of larger degree (4) on the D1 time frame. On the H4 time frame, the fifth wave (5) has started forming, with wave 1 of (5) forming inside. On the H1 time…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>