USDCAD: Elliott wave analysis and forecast for 11.02.22 – 18.02.22

Main scenario: consider short positions from corrections below the level of 1.2797 with a target of 1.2024 – 1.1408.

Alternative scenario: breakout and consolidation above the level of 1.2797 will allow the pair to continue rising to the levels of 1.3424 – 1.3727.

Analysis: a descending correction appears to continue developing as the fourth wave 4 of larger degree on the daily chart, with wave (С) forming inside. An ascending correction finished developing as the fourth wave 4 of (C), and the fifth wave 5 of (C) is forming on the H4 chart. Apparently, the first wave of smaller degree… Read full author’s opinion and review in blog of #LiteForex