USD/CAD: Elliott Wave Analysis And Forecast For 14/02/2020 – 21/02/2020

The pair USD/CAD remains likely to grow. Estimated pivot point is at a level of 1.3179.

Main scenario: long positions should be considered from corrections above the level of 1.3179 with a target of 1.3400 – 1.3564.

Alternative scenario:breakout and consolidation below the level of 1.3179 will allow the pair to continue declining to the levels of 1.3026 – 1.2950.

Analysis: Supposedly, a descending correction finished developing in the form of the second wave of senior level (2) on the D1 time frame. Supposedly, the third wave (3) starts developing on the H4 time frame, with the first counter-trend wave of junior level (i) of i of 1 of (3) forming inside. On the H1 time frame, apparently, wave iii of (i) has finished developing and a local correction is forming as wave iv of (i). If the presumption is correct, after correction, the pair will continue to rise to the levels of 1.3400 – 1.3564. The level of 1.3179 is critical in this scenario as the breakout will enable the pair to continue declining to the levels of 1.3026 – 1.2950.

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