USD/CAD: Wave Analysis And Forecast For July 12-19, 2019

  


The probability of a decrease in the pair remains. Estimated pivot point is at the level of 1.3144.
Main scenario: “short positions” are relevant from corrections to the level below 1.3144 with the target of 1.2910 – 1.2797.
Alternative scenario: breakout and price consolidation above the level of 1.3144 will allow the pair to continue to rise to the levels of 1.3233 – 1.3281.
Analysis: within the daily timeframe, it is assumed that the formation of the downward correction continues as the second wave of senior level (2). On the 4 – hour timeframe, wave C of (2) is developing in the form of an impulse. Within the hourly timeframe, it appears that the third wave of junior level iii of C was formed and the correction as a wave iv of C was completed. If the assumption is correct, the pair will continue to decrease in the v of C wave to 1.2910 – 1.2797. Critical level for this scenario is 1.3144.

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