USDCAD: Elliott wave analysis and forecast for 11.06.21 – 18.06.21

Main scenario: consider short positions below the level of 1.2540 with a target of 1.1850 – 1.1700 once correction is completed.

Alternative scenario: breakout and consolidation above the level of 1.2540 will allow the pair to continue rising to the levels of 1.2708 – 1.2873.

Analysis: wave (С) of 4 of larger degree continues developing on the daily time frame, with the third wave 3 of (C) formed inside. The fifth wave v of 3 finished forming on the H4 time frame, with wave (v) of v completed inside. On the H1 time frame, apparently, a local correction has started developing in the form of the fourth wave 4 of (C). If the presumption is correct, the pair will continue to fall to the levels of 1.1850 – 1.1700 after correction. The level of 1.2540 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.2708 – 1.2873.

Price chart of USDCAD in real time mode

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