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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

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. 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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