USDCAD: Elliott wave analysis and forecast for 15.12.23 – 22.12.23

Main scenario: consider long positions above the level of 1.3286 with a target of 1.3906 – 1.4100 once a correction is formed.

Alternative scenario: breakout and consolidation below the level of 1.3286 will allow the pair to continue declining to the levels of 1.3085 – 1.2942.

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. The first wave of smaller degree i of 5 is formed on the H4 chart, and a local correction is presumably nearing completion as the second… Read full author’s opinion and review in blog of #LiteFinance