USDСAD: Elliott wave analysis and forecast for 02.08.24 – 09.08.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider long positions from corrections above the level of 1.3592 with a growth target of 1.4000 – 1.4200. A buy signal: after the level of 1.3592 is broken. Stop Loss: below 1.3500, Take Profit: from 1.4000 to 1.4200.
  • Alternative scenario: breakout and consolidation below the level of 1.3592 will allow the pair to continue declining to the levels of 1.3352 – 1.3166. A sell signal: after the level of 1.3592 is broken. Stop Loss: above 1.3650, Take Profit: 1.3352 – 1.3166.

Main scenario

Consider long positions from corrections above the level of 1.3592 with a target of 1.4000 – 1.4200.

Alternative scenario

Breakout and consolidation below the level of 1.3592 will allow the pair to continue declining to the levels of 1.3352 – 1.3166.

Analysis

The fifth wave of larger degree 5 presumably continues developing on the weekly chart, with wave (1) of 5 forming as its part. A local correction has finished developing as the fourth wave 4 of (1) on the daily chart, and the fifth wave 5 of (1) is unfolding. Apparently, the fifth wave of smaller degree v of 5 continues developing on the H4 time frame. If this assumption is correct, the USDCAD pair will continue to rise to 1.4000 – 1.4200. The level of 1.3592 is critical in this scenario as its breakout will allow the pair to continue declining to the levels of 1.3352 – 1.3166.



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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