USD/CAD: Wave analysis and forecast for 15/02/2019 – 22/02/2019

The pair USD/CAD is still likely to grow. Estimated pivot point is at a level of 1.3193.

Main scenario: long positions will be relevant from corrections above the level of 1.3193 with a target of  1.3660.

Alternative scenario: breakout and consolidation below a level of 1.3193 will allow the pair to continue declining to a level of 1.3067 and further below.

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 4-hour 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. On the H1 time-frame, apparently, an ascending impetus in the form of wave of junior level (i) of i of 3 has been formed and the correction (ii) of i is completed. If this assumption is correct, the pair will go on growing to a level of 1.3660 and higher. The level  1.3193 is critical in this scenario.