USD/CAD: Elliott wave analysis and forecast for 24/07/2020 – 31/07/2020

USD/CAD remains likely to fall. Estimated pivot point is at a level of 1.3494.

Main scenario: consider short positions from corrections below the level of 1.3494 with a target of 1.3315 – 1.3189.

Alternative scenario: breakout and consolidation above the level of 1.3494 will allow the pair to continue rising to the levels of 1.3643 – 1.3718.

Analysis: Supposedly, an ascending corrective wave of larger degree  (B) of 4 finished developing on the daily time frame and wave (C) of 4 started forming. The first wave 1 of (C) is developing on the H4 time frame, with wave v of…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>