USDCAD: Elliott wave analysis and forecast for 05.11.2021 – 12.11.2021

Main scenario: consider long positions from corrections above the level of 1.2298 with a target of 1.2647 – 1.2773. 

Alternative scenario: breakout and consolidation below the level of 1.2298 will allow the pair to continue declining to the levels of 1.2150 – 1.2006.

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 wave 5 unfolding inside. H4 chart: wave 1 of (1) of 5 is formed, and a downward correction is presumably completed as wave 2 of (1) of 5. Apparently, the third wave 3 of (1) started developing on the H1 chart, with the first counter-trend wave of smaller degree i of 3 forming inside. If the presumption is correct, the pair will continue to rise to the levels of 1.2647 – 1.2773. The level of 1.2298 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.2150 – 1.2006.



Price chart of USDCAD in real time mode

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