USDCAD: Elliott wave analysis and forecast for 19.01.24 – 26.01.24

Main scenario: consider short positions below the level of 1.3725 with a target of 1.2977 – 1.2753 once a correction is completed. 

Alternative scenario: breakout and consolidation above the level of 1.3725 will allow the pair to continue rising to the levels of 1.4000 – 1.4200.

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. A downward correction is developing as second wave (2) on the H4 time frame, with wave A of (2) formed inside. Apparently, a local corrective wave… Read full author’s opinion and review in blog of #LiteFinance