USDCAD: Elliott wave analysis and forecast for 03.12.2021 – 10.12.2021

Main scenario: consider long positions from corrections above the level of 1.2609 with a target of 1.2950 – 1.3010. 

Alternative scenario: breakout and consolidation below the level of 1.2609 will allow the pair to continue declining to the levels of 1.2493 – 1.2384.

Analysis: A descending correction appears to have formed as the fourth wave 4 of larger degree on the daily chart, with wave (С) of 4 completed and an ascending wave 5 unfolding inside. A downward correction is completed in the form of wave 2 of (1) of 5 and the third wave 3 of (1) has started developing on the H4 chart. Apparently, the first counter-trend wave of smaller degree i of 3 is developing on the H1 chart, with the third wave (iii) of i nearing completion inside. If the presumption is correct, the pair will continue to rise to the levels of 1.2950 – 1.3010 after a local correction (iv) of i is formed. The level of 1.2609 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.2493 – 1.2384.

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.

Rate this article:

{{value}} ( {{count}} {{title}} )


Your email address will not be published. Required fields are marked *