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USDCAD: Elliott wave analysis and forecast for 19.11.2021 – 26.11.2021


Main scenario: consider long positions from corrections above the level of 1.2489 with a target of 1.2773 – 1.2892. 

Alternative scenario: breakout and consolidation below the level of 1.2489 will allow the pair to continue declining to the levels of 1.2285 – 1.2150.

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 an ascending wave 5 unfolding inside. H4 chart: wave 1 of (1) of 5 is formed, and a downward correction is completed as wave 2 of (1) of 5. Apparently, the third wave 3 of (1) started developing on the H1 chart, with the first counter-trend wave of smaller degree i of 3 still forming inside. If the presumption is correct, the pair will continue to rise to the levels of 1.2773 – 1.2892. The level of 1.2489 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.2285 – 1.2150.



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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