USDCAD: Elliott wave analysis and forecast for 28.06.24 – 05.07.24

Main scenario: consider long positions from corrections above the level of 1.3606 with a target of 1.4000 – 1.4200. 

Alternative scenario: breakout and consolidation below the level of 1.3606 will allow the pair to continue declining to the levels of 1.3352 – 1.3168.

Analysis: the fifth wave of larger degree 5 presumably continues developing on the weekly time frame, with wave (1) of 5 unfolding as its part. The fifth wave of smaller degree 5 of (1) is forming on the daily time frame, with wave iii of 5 continuing developing within. Apparently, the third wave of smaller degree (iii) of iii is forming on the H4 time frame, within which wave v of (iii) is unfolding. If this assumption is correct, the USDCAD pair will continue to rise to 1.4000 – 1.4200. The level of 1.3606 is critical in this scenario as its breakout will allow the pair to continue declining to the levels of 1.3352 – 1.3168.



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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