USDCAD: Elliott wave analysis and forecast for 27.10.23 – 03.11.23

Main scenario: consider long positions from corrections above the level of 1.3658 with a target of 1.4100 – 1.4300. 

Alternative scenario: breakout and consolidation below the level of 1.3658 will allow the pair to continue declining to the levels of 1.3412 – 1.3090.

Analysis: the bullish first wave of larger degree (1) is presumably developing on the daily time frame, with the fifth wave 5 of (1) forming as its part. The third wave of smaller degree iii of 5 is developing on the H4 chart, with wave (iii) of iii forming as its part. Apparently, wave iii of (iii)… Read full author’s opinion and review in blog of #LiteFinance