USDCAD: Elliott wave analysis and forecast for 16.09.2022 – 23.09.2022

Main scenario: consider long positions from corrections above the level of 1.2945 with a target of 1.3430 – 1.3708. 

Alternative scenario: breakout and consolidation below the level of 1.2945 will allow the pair to continue declining to the levels of 1.2721 – 1.2540.

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) and a corrective wave 2 of (3) formed inside. Apparently, the third wave 3 of (3) started developing on the H1 chart, with wave i of 3 formed and local correction developing as wave ii of 3 inside. If the presumption is correct, the pair will continue to rise to the levels of 1.3430 – 1.3708 after the correction is completed. The level of 1.2945 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.2721 – 1.2540.



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Your email address will not be published.