USDCAD: Elliott wave analysis and forecast for 15.01.2021 – 22.01.2021

Main scenario: consider short positions from corrections below the level of 1.2953 with a target of 1.2550 – 1.2400.

Alternative scenario: breakout and consolidation above the level of 1.2953 will allow the pair to continue rising to the levels of 1.3174 – 1.3384.

Analysis: Wave (С) of 4 of larger degree continues developing on the daily time frame, with the first wave 1 of (C) forming inside. Presumably, the fifth wave v of 1 of (C) is forming on the H4 time frame, with wave (iii) of v of smaller degree completed inside. A local correction (iv) of v appears… Read full author’s opinion and review in blog of #LiteForex