USDCAD: Elliott wave analysis and forecast for 27.08.2021 – 03.09.2021
Main scenario: consider long positions from corrections above the level of 1.2573 with a target of 1.3090 – 1.3413.
Alternative scenario: breakout and consolidation below the level of 1.2573 will allow the pair to continue declining to the levels of 1.2417 – 1.2247.
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 inside. The fifth wave 5 has started forming on the H4 chart, with wave 1 of (1) of 5 forming inside. Apparently, the third wave of smaller degree (iii) of v of 1 formed and a local correction finished developing in the form of wave (iv) of v of 1 on the H1 chart. If the presumption is correct, the pair will continue to rise in wave (v) of v of 1 to the levels of 1.3090 – 1.3413. The level of 1.2573 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.2417 – 1.2247.
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.