LFWT Signal – USDCAD Wave analysis and forecast for 21.07 – 28.07

Wave analysis and forecast for 21.07 – 28.07: Downtrend dominates.

Estimated pivot point is at the level of 1.2703.

Analysis: Presumably, on the four-hour chart downward impetus continues to develop in the wave C of the senior level. Locally it is likely that the third wave of the junior level (iii) is being formed. If this assumption is correct, the pair can continue to decline to the levels of 1.2430 – 1.2250. Critical level for this scenario is 1.2703.

Alternative scenario: Breakout and consolidation of the price above the level of 1.27030 will trigger further rise in price to 1.3000.