USDCAD: Elliott wave analysis and forecast for 03.11.23 – 10.11.23

Main scenario: consider short positions from corrections below the level of 1.3895 with a target of 1.3493 – 1.3395. 

Alternative scenario: breakout and consolidation above the level of 1.3895 will allow the pair to continue rising to the levels of 1.4100 – 1.4300.

Analysis: a 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 first wave of smaller degree i of 5 is formed on the H4 chart, and a downside correction started developing as the second wave ii of 5. Apparently,… Read full author’s opinion and review in blog of #LiteFinance