USD/СAD: Elliott Wave Analysis and Forecast for 31.01.25 – 07.02.25

The article covers the following subjects:

Major Takeaways

  • Main scenario: Consider long positions from corrections above the level of 1.4255 with a target of 1.4800 – 1.5200. A buy signal: the price holds above 1.4255. Stop Loss: below 1.4200, Take Profit: 1.4800 – 1.5200.
  • Alternative scenario: Breakout and consolidation below the level of 1.4255 will allow the pair to continue declining to the levels of 1.3923 – 1.3426. A sell signal: the level of 1.4255 is broken to the downside. Stop Loss: above 1.4300, Take Profit: 1.3923 – 1.3426.

Main Scenario

Consider long positions from corrections above the level of 1.4255 with a target of 1.4800 – 1.5200.

Alternative Scenario

Breakout and consolidation below the level of 1.4255 will allow the pair to continue declining to the levels of 1.3923 – 1.3426.

Analysis

The ascending fifth wave of larger degree 5 presumably continues developing on the weekly chart, with wave (5) of 5 forming as its part. The third wave of smaller degree 3 of (5) is developing on the daily chart, within which wave iii of 3 is formed, and a local correction is completed as wave iv of 3. Apparently, wave v of 3 is developing on the H4 chart. If this assumption is correct, the USD/CAD pair will continue to rise to 1.4800 – 1.5200. The level of 1.4255 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.3923 – 1.3426.




This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.

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 broker. 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 2014/65/EU.

According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.

Rate this article:

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

This post is originally published on LITEFINANCE.

  • Related Posts

    Camarilla Pivot Points: Strategies for Trading Success

    The Camarilla indicator, developed by trader Nick Scott in 1989, builds on the concept of pivot points in trading that dates back to the 1930s. The basic idea behind Camarilla…

    Short-Term Analysis for Oil, Gold, and EURUSD for 27.02.2025

    I welcome my fellow traders! I have made a price forecast for the USCrude, XAUUSD, and EURUSD using a combination of margin zones methodology and technical analysis. Based on the…

    Leave a Reply

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

    You Missed

    Revolut’s $60 Billion Valuation Spurs Investor Push for New Share Sale: Report

    • February 27, 2025
    Revolut’s $60 Billion Valuation Spurs Investor Push for New Share Sale: Report

    Bitcoin Mining Energy Consumption: A Threat to Global Economy?

    • February 27, 2025
    Bitcoin Mining Energy Consumption: A Threat to Global Economy?

    How Do EU Green Bonds Affect the Euro and Forex Market?

    • February 27, 2025
    How Do EU Green Bonds Affect the Euro and Forex Market?

    Camarilla Pivot Points: Strategies for Trading Success

    • February 27, 2025
    Camarilla Pivot Points: Strategies for Trading Success