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USDCAD: Elliott wave analysis and forecast for 02.07.21 – 09.07.21

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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

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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