USD/CAD: Wave analysis and forecast for 10/05/19 – 17/05/19

The pair USD/CAD is still likely to grow. Estimated pivot point is at a level of 1.3275.

Main scenario: long positions will be relevant from corrections above the level of 1.3275 with a target of 1.3660 – 1.3843.

Alternative scenario: Breakout and consolidation below the level of 1.3275 will allow the pair to continue declining to the levels of 1.3126 – 1.3066.

Analysis: Supposedly, an ascending trend continues to form as the third wave of senior level 3 of (5) on the daily time frame.  The third wave  iii of 3 is developing on the H4 time frame, , with both the wave (i) of iii formed and the correction in the form of wave (ii) of iii completed inside. Apparently, the third wave of junior level (iii) of iii started forming on the H1 time frame, with the wave i of (iii) formed inside. If this assumption is correct, the pair will go on growing to a level of 1.3660 and higher. The level 1.3275 is critical in this scenario.

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