USD/CAD: Elliott wave analysis and forecast for 01.10.21 – 08.10.21
Main scenario: consider short positions from corrections below the level of 1.2893 with a target of 1.2478 – 1.2367.
Alternative scenario: breakout and consolidation above the level of 1.2893 will allow the pair to continue rising to the levels of 1.3090 – 1.3250.
Analysis: A descending correction appears to have formed as the fourth wave 4 of larger degree on the daily chart, with wave (С) of 4 completed and wave 5 developing inside. On the H4 chart, wave 1 of (1) of 5 formed and a descending correction is developing as wave 2 of (1) of 5 with wave b of 2 formed inside. On the H1 chart, apparently, wave c of 2 is forming, with the first wave of smaller degree (i) of c completed, a local correction (ii) of c formed and wave (iii) of c developing inside. If the presumption is correct, the pair will continue to drop to the levels of 1.2478 – 1.2367. The level of 1.2893is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.3090 – 1.3250.
Price chart of USDCAD in real time mode
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