USDCAD: Elliott wave analysis and forecast for 02.07.21 – 09.07.21
Main scenario: consider long positions above the level of 1.2253 with a target of 1.2545 – 1.2710.
Alternative scenario: breakout and consolidation below the level of 1.2253 will allow the pair to continue falling to the levels of 1.2000 – 1.1850.
Analysis: Wave (С) of 4 of a larger degree continues developing in the daily timeframe, with the third wave 3 of (C) formed inside. The upward correction is developing as the fourth wave 4 of (С) in the H4 timeframe, with wave а of 4 completed inside. In the H1 time frame, wave с of 4 must be unfolding. If the presumption is correct, the pair will continue to rise to the levels of 1.2545 – 1.2710. The level of 1.2253 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.2000 – 1.1850.
Price chart of USDCAD in real time mode
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