USDCAD: Elliott wave analysis and forecast for 08.12.23 – 15.12.23

Main scenario: consider long positions from corrections above the level of 1.3477 with a target of 1.4100 – 1.4300.

Alternative scenario: breakout and consolidation below the level of 1.3477 will allow the pair to continue declining to the levels of 1.3282 – 1.3092.

Analysis: the bullish first wave of larger degree (1) is presumably developing on the daily time frame, with the fifth wave 5 of (1) forming as its part. H4 time frame: the first wave of smaller degree i of 5 is formed and a local correction is presumably completed as second wave ii of 5. Apparently, the… Read full author’s opinion and review in blog of #LiteFinance