USD/CAD: Elliott wave analysis and forecast for 26/06/2020 – 03/07/2020

USD/CAD remains likely to grow. Estimated pivot point is at a level of 1.3481.

Main scenario: consider long positions from corrections above the level of 1.3481 with a target of 1.3875 – 1.4047.

Alternative scenario: breakout and consolidation below the level of 1.3481 will allow the pair to continue declining to the levels of 1.3189 – 1.2948.

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. On the 4-hour time frame, a descending correction finished developing in the form of wave 2…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>