USD/СAD: Elliott wave analysis and forecast for 12.07.24 – 19.07.24

The article covers the following subjects:

Key takeaways

  • Main scenario: consider short positions from corrections below the level of 1.3755 with a target of 1.3352 – 1.3166. A sell signal: after the level of 1.3755 is broken. Stop Loss: 1.3850, Take Profit: 1.3166.
  • Alternative scenario: breakout and consolidation above the level of 1.3755 will allow the pair to continue rising to the levels of 1.4000 – 1.4200. A buy signal: after the level of 1.3755 is broken. Stop Loss: 1.3650, Take Profit: 1.4200.

Main scenario

Consider short positions from corrections below the level of 1.3755 with a target of 1.3352 – 1.3166.

Alternative scenario

Breakout and consolidation above the level of 1.3755 will allow the pair to continue rising to the levels of 1.4000 – 1.4200.

Analysis

The fifth wave of larger degree 5 presumably continues developing on the weekly chart, with wave (1) of 5 formed as its part. On the daily time frame, a local correction is developing as wave (2) of 5, with wave С of (2) forming inside. Apparently, the third wave of smaller degree iii of C is developing on the H4 chart, with wave (iii) of iii unfolding as its part. If the presumption is correct, the USDCAD will continue to drop to the levels of 1.3352 – 1.3166. The level of 1.3755 is critical in this scenario as a breakout will allow the pair to continue rising to the levels of 1.4000 – 1.4200.



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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