USD/CAD: Elliott wave analysis and forecast for 16/08/2019 – 23/08/2019

The pair USD/CAD is still likely to grow. Estimated pivot point is at a level of 1.3183.

Main scenario: long positions will be relevant from corrections above the level of 1.3183 with a target of 1.3432 – 1.3564.

Alternative scenario: Breakout and consolidation below the level of 1.3183 will allow the pair to continue declining to the levels of 1.3012 – 1.2910.

Analysis: Supposedly, a descending correction finished developing on the D1time frame in the form of the second wave of senior level (2) and the wave (3) starts forming. Supposedly, the first wave of junior level i of 1 of (3) is forming on the H4 time frame. Apparently, the fifth wave (v) is developing inside the first wave i of 1 of (3) on the H1 time frame. If the presumption is correct, the pair will continue to rise to the levels 1.3432 – 1.3564. The level 1.3183 is critical in this scenario.