USDCAD: Elliott wave analysis and forecast for 18.02.2022 – 25.02.2022

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 1.3200 – 1.3424. 

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 wave 4 of (C), and the fifth wave 5 of (C) is forming on the H4 chart. On the H1 chart, a local correction appears to… Read full author’s opinion and review in blog of #LiteFinance