USDCAD: Elliott wave analysis and forecast for 29.01.21 – 05.02.21

Main scenario: consider short positions from corrections below the level of 1.2951 with a target of 1.2450 – 1.2300.

Alternative scenario: breakout and consolidation above the level of 1.2951 will allow the pair to continue rising to the levels of 1.3074 – 1.3376.

Analysis: Daily time frame: wave (С) of 4 of larger degree continues developing, 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. Wave (iii) of v of smaller degree has formed and correction is developing in the form of wave (iv)… Read full author’s opinion and review in blog of #LiteForex