USD/CAD: Wave analysis and forecast for 08/02/2019 – 15/02/2019

The pair USD/CAD is still likely to grow. Estimated pivot point is at a level of 1.3066.

Main scenario: long positions will be relevant from corrections above the level of 1.3066 with a target of  1.3660.

Alternative scenario: Breakout and consolidation below the level of 1.3066 will allow the pair to continue declining to the levels of 1.2910 – 1.2777.

Analysis: Supposedly, an ascending trend continues to form as the third wave of senior level 3 of (5) on the daily time frame. On the H4 timeframe, the first wave  i of 3 has been formed and a downward correction ii of 3 is completed in the form of a zigzag. Apparently, an ascending impetus is developing as the wave (i) of i of 3of junior level on the H1 time frame. If the assumption is correct, the pair will continue growing to the level 1.3660 and higher. The level  1.3066 is critical in this scenario.