USD/CAD: Elliott wave analysis and forecast for 06/09/2019 – 13/09/2019

The pair USD/CAD is still likely to grow. Estimated pivot point is at a level of 1.3142.

Main scenario: long positions will be relevant from corrections above the level of 1.3142 with a target of 1.3432 – 1.3564.

Alternative scenario: Breakout and consolidation below the level of 1.3142 will allow the pair to continue declining to the levels of 1.3014 – 1.2900.

Analysis: Supposedly, a descending correction finished developing on the D1time frame in the form of the second wave of senior level (2) and wave (3) started forming. The first wave of junior level 1 of (3) is developing on the H4 time frame, with wave i of 1 formed inside. Apparently, the local correction ii of is nearing completion on the H1 time frame. If this assumption is correct, the pair will continue to rise to 1.3432 – 1.3564. The level 1.3142 is critical in this scenario.