USD/CAD: Wave analysis and forecast for 16/11/2018 – 23/11/2018

The pair USD/CAD is likely to fall in price. Estimated pivot point is at a level of 1.3264.

Main scenario: short positions will be relevant below the level of 1.3264 with a target of 1.2887 – 1.2735.

Alternative scenario:breakout and consolidation above the level of 1.3264 will allow the pair to continue the rise up to the levels of 1.3390 – 1.3574.

Analysis: Supposedly, the wedge-shaped first wave of senior-level 1 of (5) finished developing on the daily time frame, and the downward correction 2 of (5) is forming at the moment. On the H4 time frame, an upward correction of junior level finished developing in the form of wave b of 2 that took an irregular plane shape. Apparently, the wave c of 2 begins developing on the 1H time frame. If the presumption is correct, the pair may be expected to fall to the levels of 1.2887 – 1.2735. The level 1.3264 is critical in this scenario.