USD/СAD wave analysis and forecast for 20/07/2018 – 27/07/2018

The ascending trend for USD/CAD price continues. Estimated pivot point is at a level of 1.3109

Main scenario: long positions will be relevant above the level of 1.3109 with a target of 1.3500 – 1.3600.

Alternative scenario: 

Analysis: Supposedly, the first wave of senior level 1 of (5) continues to develop on the daily time frame in the form of a wedge. The fifth wave v of 1 continues developing on the 4-hour timeframe. Apparently, the third wave of junior level (iii) of v continues forming now on the 1-hour time frame, with the emerging wave v of (iii) inside. If the presumption is correct, the USD/CAD price will continue increasing towards the levels of 1.3500 – 1.3600. The level 1.3109 is critical in this scenario.