USD/CAD: Elliott wave analysis and forecast for 23/08/2019 – 30/08/2019

The pair USD/CAD is still likely to grow. Estimated pivot point is at a level of 1.3249.

Main scenario: long positions will be relevant from corrections above the level of 1.3249 with a target of 1.3432 – 1.3564.

Alternative scenario: Breakout and consolidation below the level of 1.3249 will allow the pair to continue declining to the levels of 1.3178 – 1.3102.

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) started forming. Supposedly, the first wave of junior level 1 of (3) is forming on the H4 time frame. Apparently, the correction finished developing in the form of wave  ii of 1 on the H1 time frame and the third wave iii of 1 is forming. If the presumption is correct, the pair will continue to rise to the levels 1.3432 – 1.3564. The level 1.3249 is critical in this scenario.