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

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