USDCAD: Elliott wave analysis and forecast for 23.09.22 – 30.09.22

Main scenario: consider long positions above the level of 1.3175 with a target of 1.3708 – 1.3870 once the pair finishes correction. 

Alternative scenario: breakout and consolidation below the level of 1.3175 will allow the pair to continue declining to the levels of 1.2951 – 1.2721.

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 nearing completion inside. If the presumption is correct, the pair will continue to rise to the levels of 1.3708 – 1.3870 once a local correction finishes developing as wave ii of 3. The level of 1.3175 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.2951 – 1.2721.

Price chart of USDCAD in real time mode

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