USDCAD: Elliott wave analysis and forecast for 01.12.23 – 08.12.23

Main scenario: consider long positions above the level of 1.3400 with a target of 1.4100 – 1.4300 once corrections are formed.

Alternative scenario: breakout and consolidation below the level of 1.3400 will allow the pair to continue declining to the levels of 1.3282 – 1.3092.

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