USDCAD: Elliott wave analysis and forecast for 11.08.23 – 18.08.23

Main scenario: consider short positions from corrections below the level of 1.3500 with a target of 1.2778 – 1.2600. 

Alternative scenario: breakout and consolidation above the level of 1.3500 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 is formed on the H4 chart, and a local correction presumably finished developing as the second wave ii of 3…. Read full author’s opinion and review in blog of #LiteFinance