USDCAD: Elliott wave analysis and forecast for 09.09.2022 – 16.09.2022

Main scenario: consider long positions above the level of 1.2722 with a target of 1.3430 – 1.3708 once correction has finished. 

Alternative scenario: breakout and consolidation below the level of 1.2722 will allow the pair to continue declining to the levels of 1.2540 – 1.2409.

Analysis: the fifth wave of larger degree 5 is presumably unfolding on the daily chart, with wave (1) of 5 formed and a corrective wave (2) of 5 completed as its parts. The third wave (3) of 5 started developing on the H4 chart, with the first wave of smaller degree 1 of (3) formed inside. Apparently, a local correction started developing as the second wave 2 of (3) on the H1 chart. If this assumption is correct, the pair will continue to rise to the levels of 1.3430 – 1.3708 once the correction’s over. The level of 1.2722 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.2540 – 1.2409.



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}} )

LEAVE A COMMENT

Your email address will not be published.