USD/CAD Elliott Wave Outlook: 04/10/2019-11/10/2019

The pair USD/CAD is still likely to grow. Estimated pivot point is at a level of 1.3205.

Main scenario: long positions will be relevant from corrections above the level of 1.3205 with a target of 1.3450 – 1.3564.

Alternative scenario: Breakout and consolidation below the level of 1.3205 will allow the pair to continue declining to the levels of 1.3128 – 1.3014.

Analysis: Supposedly, a descending correction finished developing on the D1 time frame in the form of the second wave of senior level (2) and wave (3) started forming. The first wave of junior level i of 1 of (3) and the local correction ii of 1 of (3) have formed on the H4 time frame. Apparently, the third wave iii of 1 started developing on the H1 time frame, with correction (ii) of iii completed and wave (iii) of iii starting to form inside. If the presumption is correct, the pair will continue to rise to the levels 1.3450 – 1.3564. The level 1.3205 is critical in this scenario.

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