USDCAD: Elliott wave analysis and forecast for 22.01.2021 – 29.01.2021

Main scenario: consider short positions from corrections below the level of 1.2797 with a target of 1.2450 – 1.2300.

Alternative scenario: breakout and consolidation above the level of 1.2797 will allow the pair to continue rising to the levels of 1.2991 – 1.3174.

Analysis: Wave (С) of 4 of larger degree continues developing on the daily time frame, with the first wave 1 of (C) forming inside. Presumably, the fifth wave v of 1 of (C) is forming on the H4 time frame. Wave (iii) of v of smaller degree has formed and correction completed in the form of wave… Read full author’s opinion and review in blog of #LiteForex