USDСAD: Elliott wave analysis and forecast for 30.08.24 – 06.09.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider short positions with a target of 1.3192 – 1.2981. A sell signal: after the correction ends below 1.3950. Stop Loss: 1.3950, Take Profit: 1.3192 – 1.2981.
  • Alternative scenario: breakout and consolidation above the level of 1.3950 will allow the pair to continue rising to the levels of 1.4200 – 1.4350. A buy signal: once the level of 1.3950 is broken to the upside. Stop Loss: below 1.3920, Take Profit: 1.4200 – 1.4350.

Main scenario

Consider short positions below the level of 1.3950 with a target of 1.3192 – 1.2981 once the correction is completed.

Alternative scenario

Breakout and consolidation above the level of 1.3950 will allow the pair to continue rising to the levels of 1.4200 – 1.4350.

Analysis

The fifth wave of larger degree 5 presumably continues developing on the weekly chart, with wave (1) of 5 formed as its part. The fifth wave of smaller degree 5 of (1) is completed on the daily time frame, and a bearish correction is developing as the second wave (2) of 5. Apparently, wave А of (2) is developing on the H4 time frame, with wave i of A formed as its part. If this assumption is correct, the USDCAD pair will continue to fall to 1.3192 – 1.2981 after a local correction ii of A is completed. The level of 1.3950 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.4200 – 1.4350.



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.

Rate this article:

{{value}} ( {{count}} {{title}} )

This post is originally published on LITEFINANCE.

  • Related Posts

    Markets Shrouded in Uncertainty as US Tariffs Postponed. Forecast as of 21.01.2025

    President Trump has stated that Europe should purchase more American oil and natural gas, and China should sell TikTok and fulfill the terms of the previous trade agreement. Otherwise, they…

    Short-Term Analysis for BTCUSD, XRPUSD, and ETHUSD for 21.01.2025

    Dear readers, I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis. The article covers the following subjects: Major Takeaways BTCUSD: The bullish trend…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Gold prices shine on safe-haven demand as traders try to gauge Trump’s policies

    • January 21, 2025
    Gold prices shine on safe-haven demand as traders try to gauge Trump’s policies

    Markets Shrouded in Uncertainty as US Tariffs Postponed. Forecast as of 21.01.2025

    • January 21, 2025
    Markets Shrouded in Uncertainty as US Tariffs Postponed. Forecast as of 21.01.2025

    Short-Term Analysis for BTCUSD, XRPUSD, and ETHUSD for 21.01.2025

    • January 21, 2025
    Short-Term Analysis for BTCUSD, XRPUSD, and ETHUSD for 21.01.2025

    Texas ports, pilots suspend some operations as winter storm hits

    • January 21, 2025
    Texas ports, pilots suspend some operations as winter storm hits

    Canadian Dollar, Mexican Peso drop amid Trump’s tariff threats

    • January 21, 2025
    Canadian Dollar, Mexican Peso drop amid Trump’s tariff threats

    Dollar pares losses as Trump floats Canada, Mexico tariffs

    • January 21, 2025
    Dollar pares losses as Trump floats Canada, Mexico tariffs