USDCAD: Elliott wave analysis and forecast for 04.08.23 – 11.08.23

Main scenario: consider short positions below the level of 1.3560 with a target of 1.2778 – 1.2600 once the correction is completed. 

Alternative scenario: breakout and consolidation above the level of 1.3560 will allow the pair to continue rising to the levels of 1.3665 – 1.3857.

Analysis: wave (В) of 4 is presumably completed on the daily chart. Wave (С) of 4 is unfolding, with wave 3 of (C) continuing forming as its part. The first wave of smaller degree i of 3 finished forming, and a local correction is developing as the second wave ii of 3 on the… Read full author’s opinion and review in blog of #LiteFinance