USD/CAD: Elliott wave analysis and forecast for 20/03/2020 – 27/03/2020

The pair USD/CAD remains likely to grow. Estimated pivot point is at a level of 1.4095.

Main scenario: long positions should be considered from corrections above the level of 1.4095 with a target of 1.4800 – 1.5000.

Alternative scenario: breakout and consolidation below the level of 1.4095 will allow the pair to continue declining to the levels of 1.3923 – 1.3754.

Analysis: On the D1 time frame, supposedly, a descending correction finished developing in the form of the second wave of senior level (2) and wave (3) started forming. The first counter-trend wave of junior level 1 of (3) continues…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>