USD/CAD: Elliott Wave Analysis And Forecast For 20/03/2020 – 27/03/2020

The pair USD/CAD remains likely to grow. Estimated pivot point is at a level of 1.4095.
Main scenario: long positions should be considered from corrections above the level of 1.4095 with a target of 1.4800 – 1.5000.
Alternative scenario:breakout and consolidation below the level of 1.4095 will allow the pair to continue declining to the levels of 1.3923 – 1.3754.
Analysis: On the D1 time frame, supposedly, a descending correction finished developing in the form of the second wave of senior level (2) and wave (3) started forming. The first counter-trend wave of junior level 1 of (3) continues forming as an impetus on the H4 time frame. On the H1 time frame, apparently, the third wave of junior level iii of 1 formed and a local correction started developing in the form of wave iv of 1. If the presumption is correct, the pair will continue to rise to the levels of 1.4800– 1.5000 after the correction. The level of 1.4095 is critical in this scenario as the breakout will enable the pair to continue declining to the levels of 1.3923 – 1.3754.