USD/CAD: Elliott wave analysis and forecast for 27/03/2020 – 03/04/2020

The USD/CAD pair is correcting, still likely to grow. Estimated pivot point is at a level of 1.3753.

Main scenario: long positions should be considered above the level of 1.3753 with a target of 1.4800 – 1.5000 once the correction has formed.

Alternative scenario: breakout and consolidation below the level of 1.3753 will allow the pair to continue declining to the levels of 1.3514 – 1.3310.

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…<br /><p>Read full author’s opinion and review in blog of #LiteForex</p>