USD/СAD: Elliott wave analysis and forecast for 04.10.24 – 11.10.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider short positions from corrections below the level of 1.3638 with a target of 1.3205 – 1.2981. A sell signal: the price holds below 1.3638. Stop Loss: above 1.3700, Take Profit: 1.3205 – 1.2981.
  • Alternative scenario: breakout and consolidation above the level of 1.3638 will allow the pair to continue rising to the levels of 1.3755 – 1.3947. A buy signal: once the level of 1.3638 is broken to the upside. Stop Loss: below 1.3575, Take Profit: 1.3755 – 1.3947.

Main scenario

Consider short positions from corrections below the level of 1.3638 with a target of 1.3205 – 1.2981.

Alternative scenario

Breakout and consolidation above the level of 1.3638 will allow the pair to continue rising to the levels of 1.3755 – 1.3947.

Analysis

The fifth wave of larger degree 5 presumably continues unfolding on the daily chart, with wave (1) of 5 formed and a bearish corrective wave (2) of 5 developing as its parts. Wave А of (2) is developing on the H4 time frame, with the third wave of smaller degree iii of A unfolding as its part. On the H1 time frame, a local corrective wave (ii) of iii appears to have formed. If the presumption is correct, USDCAD will continue declining in wave (iii) of iii to 1.3205 – 1.2981. The level of 1.3638 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.3755 – 1.3947.



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.

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This post is originally published on LITEFINANCE.

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