USD/CAD Wave analysis and forecast for 13.06 – 20.06

USD/CAD Wave analysis and forecast for 13.06 – 20.06: The pair is likely to grow. Estimated pivot point is at the level of 1.0819.

Our opinion: Buy the pair above the level of 1.0819 with the target of 1.0980 – 1.1070.

Alternative scenario: Breakout of the level of 1.0819 will allow the pair to continue the decline to the level of 1.0720.

Analysis: Presumably, the formation of the downward correction in the fourth wave с of 4 has completed. Locally, the in-lead wave as the impetus has been formed and the “bearish” correction in the wave (ii) is nearing completion. If this assumption is correct, and the price does not break down the critical level of 1.0819, it makes sense to expect that the growth in the pair will continue up to the levels of 1.0980 – 1.1070 in the third wave.

USDCAD-D1

USDCAD-H4

 

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