USDCAD: Elliott wave analysis and forecast for 02.02.24 – 09.02.24

Main scenario: consider long positions above the level of 1.3262 with a target of 1.3622 – 1.3730 once a correction is formed. 

Alternative scenario: breakout and consolidation below the level of 1.3262 will allow the pair to continue declining to the levels of 1.2977 – 1.2753.

Analysis: the bullish first wave of larger degree (1) is presumably formed on the daily time frame, with the fifth wave 5 of (1) completed as its part. On the H4 chart, a descending correction is developing as the second wave (2), with wave А of (2) formed and an ascending corrective wave B… Read full author’s opinion and review in blog of #LiteFinance