USD/CAD: wave analysis on 20.07.2015

July 20, 2015

An upward trend is strong, local correction is expected.

Assumingly, a formation of the third wave of the senior level iii of 5 is finishing. Locally, as it seems, the fifth wave of the junior level is finishing. If the assumption is correct, expect the decline within the correction towards 1.2800-1.2700. The critical for this scenario is the level of 1.2114.

Trading tips

Short-term: sell the pair below 1.3020 with the target at 1.2800-1.2700.

Medium-term: wait for the correction to finish and buy with the target at 1.3300.

Alternative Scenario

The breakout and consolidation above 1.3020 would allow the pair to continue growing towards 1.3300 without significant corrections.

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