USD/СAD: Elliott Wave Analysis and Forecast for 27.12.24 – 03.01.25

The article covers the following subjects:

Major Takeaways

  • Main scenario: Consider long positions from corrections above the level of 1.4319 with a target of 1.4800 – 1.5200. A buy signal: the price holds above 1.4319. Stop Loss: below 1.4280, Take Profit: 1.4800 – 1.5200.
  • Alternative scenario: Breakout and consolidation below the level of 1.4319 will allow the pair to continue declining to the levels of 1.3970 – 1.3800. A sell signal: the level of 1.4319 is broken to the downside. Stop Loss: above 1.4350, Take Profit: 1.3970 – 1.3800.

Main Scenario

Consider long positions from corrections above the level of 1.4319 with a target of 1.4800 – 1.5200.

Alternative Scenario

Breakout and consolidation below the level of 1.4319 will allow the pair to continue declining to the levels of 1.3970 – 1.3800.

Analysis

The fifth wave of larger degree 5 presumably continues developing on the weekly chart, with wave (1) of 5 forming as its part. On the daily chart, the fifth wave of smaller degree 5 of (1) is developing, with wave iii of 5 forming inside. Apparently, wave (iii) of iii is forming on the H4 chart, with wave v of (iii) developing as its part. If the presumption is correct, the USD/CAD pair will continue to rise to the levels of 1.4800 – 1.5200. The level of 1.4319 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.3970 – 1.3800.



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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