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USD/CAD: Elliott Wave Analysis And Forecast For June 5-12

Published 06/05/2020, 11:52 AM
Updated 11/29/2020, 05:10 AM

USD/CAD remains likely to fall. Estimated pivot point is at a level of 1.3576.


Main scenario: Consider short positions from corrections below the level of 1.3576 with a target of 1.3400 – 1.3300.

Alternative scenario: Breakout and consolidation above the level of 1.3576 will allow the pair to continue rising to the levels of 1.3831 – 1.4047.

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 H4 time frame the first counter-trend wave of smaller degree 1 of (3) formed and a descending correction continues developing in the form of wave 2 of (3). Apparently, wave c of 2 of smaller degree is developing on the H1 time frame, with the fifth wave (v) of c developing inside. If the presumption is correct, the pair will continue to drop to the levels of 1.3400 – 1.3300. The level of 1.3576 is critical in this scenario as the breakout will enable the pair to continue rising to the levels of 1.3831 – 1.4047.LiteForex: USD/CAD: Elliott wave analysis and forecast for 05/06/2020 – 12/06/2020


LiteForex: USD/CAD: Elliott wave analysis and forecast for 05/06/2020 – 12/06/2020


LiteForex: USD/CAD: Elliott wave analysis and forecast for 05/06/2020 – 12/06/2020

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