The pair continues falling. USD/CAD wave analysis

Analysis for November 24^th, 2014

In our previous review, “Beginning of a descending zigzag. Wave analysis of USD/CAD for 14.11.2014”, we discussed one of the possible scenarios how the price may form a descending zigzag(c) of [iv].



The wave structure on the H4 chart implies that the price continues forming a descending zigzag (c) of [iv]. Right now, the pair is forming its first “leg” a of (c).



Our mid-term expectations haven’t changed so far. The market continues forming a descending correction [iv] of C of (C), which is probably taking the form of a running horizontal pattern. Possibly, the pair has already started forming its descending zigzag(c) of [iv] with the target lower than 1.100. If this assumption is correct, then after this triangle[iv] of C, the market may make the final ascending movement inside wave [v] of C.

However, at the same time one should remember that any possible scenario is subjective and the market may move in a completely different direction.

RoboForex Analytical Department