USDCAD: Elliott wave analysis and forecast for 02.09.22 – 09.09.22

Main scenario: consider long positions from corrections above the level of 1.2724 with a target of 1.3434 – 1.3717. 

Alternative scenario: breakout and consolidation below the level of 1.2724 will allow the pair to continue declining to the levels of 1.2518 – 1.2298.

Analysis: the first wave of larger degree (1) of 5 is presumably unfolding on the daily chart. Inside it formed wave 1 of (1) and a bearish correction as wave 2 of (1). Wave 3 of (1) is developing. The first wave of smaller degree i of 3 is formed on the H4 chart, and a local correction finished developing as wave ii of 3. Apparently, the third wave iii of 3 is developing on the H1 chart, with wave (i) of iii formed inside. If the presumption is correct, the pair will continue to rise to the levels of 1.3434 – 1.3717 after wave (ii) of iii is complete. The level of 1.2724 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.2518 – 1.2298.

Price chart of USDCAD in real time mode

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