USDСAD: Elliott wave analysis and forecast for 19.07.24 – 26.07.24

The article covers the following subjects:

Highlights and key points

  • Main scenario: consider short positions from corrections below the level of 1.3788 with a target of 1.3352 – 1.3166. A sell signal: after the level of 1.3788 is broken. Stop Loss: 1.3850. Take Profit: 1.3166.
  • Alternative scenario: breakout and consolidation above the level of 1.3788 will allow the pair to continue rising to the levels of 1.4000 – 1.4200. A buy signal: after the level of 1.3788 is broken. Stop Loss: 1.3700. Take Profit: 1.4200.

Main scenario

Consider short positions from corrections below the level of 1.3788 with a target of 1.3352 – 1.3166. 

Alternative scenario

Breakout and consolidation above the level of 1.3788 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 daily chart, with wave (1) of 5 formed and a corrective wave (2) of 5 unfolding as its parts. Wave C of (2) is forming on the H4 chart, with the third wave of smaller degree iii of C unfolding as its part. Apparently, a local corrective wave (ii) of iii is nearing completion on the H1 time frame. Upon its completion, if the presumption is correct, the USDCAD will continue falling to 1.3352 – 1.3166. The level of 1.3788 is critical in this scenario as a breakout will enable 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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