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

Published 07/12/2019, 05:45 AM
Updated 11/29/2020, 05:10 AM

The probability of a decrease in the pair USD/CAD 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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