USDСAD: Elliott Wave Analysis and Forecast for 15.11.24 – 22.11.24

The article covers the following subjects:

Major Takeaways

  • Main scenario: Consider long positions from corrections above the level of 1.3815 with a target of 1.4150 – 1.4300. A buy signal: the price holds above 1.3815. Stop Loss: below 1.3780, Take Profit: 1.4150 – 1.4300.
  • Alternative scenario: Breakout and consolidation below the level of 1.3815 will allow the pair to continue declining to the levels of 1.3625 – 1.3549. A sell signal: the level of 1.3815 is broken to the downside. Stop Loss: above 1.3850, Take Profit: 1.3625 – 1.3549.

Main Scenario

Consider long positions from corrections above the level of 1.3815 with a target of 1.4150 – 1.4300. 

Alternative Scenario

Breakout and consolidation below the level of 1.3815 will allow the pair to continue declining to the levels of 1.3625 – 1.3549.

Analysis

The fifth wave of larger degree 5 presumably continues developing on the weekly chart, with wave (1) of 5 forming as its part. The fifth wave of smaller degree 5 of (1) is developing on the daily chart, within which a correction is completed as the fourth wave iv of 5 and wave v of 5 is unfolding. The H4 time frame shows that wave (i) of v has formed, a local correction developed as wave (ii) of v, and wave (iii) of v is unfolding. If the presumption is correct, the USDCAD pair will continue to rise to the levels of 1.4150 – 1.4300. The level of 1.3815 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.3625 – 1.3549.



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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