USD/CAD: Wave analysis and forecast for 07/06/2019 – 14/06/2019

The USD/CAD pair is under correction, still likely to grow. Estimated pivot point is at a level of 1.3255.

Main scenario: long positions will be relevant above the level of 1.3255 with a target of  1.3567 – 1.3661 once corrections have formed.

Alternative scenario: Breakout and consolidation below the level of 1.3255 will allow the pair to continue declining to the levels of  1.3109 – 1.3065.

Analysis: Supposedly, an ascending trend continues to form as the third wave of senior level 3 of (5) on the D1 time frame. On the H4 time-frame, the first wave of junior level  i of 3 has formed and the downward correction ii of 3 is developing. Apparently, the wave (c) of ii is forming on the H1 time frame.  If this assumption is correct, the pair will continue to rise to 1.3567 – 1.3661 once the wave finished forming. The level 1.3255 is critical in this scenario.