USDCAD: Elliott wave analysis and forecast for 26.08.2022 – 02.09.2022

Main scenario: consider short positions from corrections below the level of 1.3063 with a target of 1.2650 – 1.2540.

Alternative scenario:breakout and consolidation above the level of 1.3063 will allow the pair to continue rising to the levels of 1.3220 – 1.3316.

Analysis: the first wave of larger degree (1) of 5 is presumably developing on the daily chart, with wave 1 of (1) formed as its part. On the H4 chart, a descending correction is developing as the second wave 2 of (1), with wave b of 2 formed and wave c of 2 unfolding as its parts. Apparently, the first wave of smaller degree (i) of c is formed on the H1 chart, and a local correction is completed as the second wave (ii) of c. If the presumption is correct, the pair will continue to fall to the levels of 1.2650 – 1.2540 in wave (iii) of c. The level of 1.3063 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.3220 – 1.3316.

Price chart of USDCAD in real time mode

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