USD/СAD: Elliott wave analysis and forecast for 20.09.24 – 27.09.24


The article covers the following subjects:

Highlights and key points

  • Main scenario: consider short positions below the level of 1.3658 with a target of 1.3205 – 1.2981. A sell signal: if the price holds below 1.3658. Stop Loss: above 1.3700, Take Profit: 1.3205 – 1.2981.
  • Alternative scenario: breakout and consolidation above the level of 1.3658 will allow the pair to continue rising to the levels of 1.3823 – 1.3947. A buy signal: once the level of 1.3658 is broken to the upside. Stop Loss: below 1.3600, Take Profit: 1.3823 – 1.3947.

Main scenario

Consider short positions on corrections below 1.3658 with a target of 1.3205 – 1.2981 once the correction is completed.

Alternative scenario

A breakout and consolidation above the level of 1.3658 will allow the pair to continue rising to the levels of 1.3823 – 1.3947.

Analysis

The fifth wave of larger degree 5 presumably continues developing on the weekly chart, with wave (1) of 5 formed as its part. The fifth wave of smaller degree 5 of (1) is completed on the daily time frame, and a bearish correction is developing as the second wave (2) of 5. Wave А of (2) appears to continue forming on the H4 time frame, with wave i of A and a local corrective wave ii of A formed as its parts. Wave iii of A may have started to develop. If this assumption is correct, the USDCAD pair will continue to fall to 1.3205 – 1.2981. The level of 1.3658 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.3823 – 1.3947.



Price chart of USDCAD in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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