USDCAD: Elliott wave analysis and forecast for 28.01.22 – 04.02.22.

Main scenario: consider short positions from corrections below the level of 1.2967 with a target of 1.2024 – 1.1408. 

Alternative scenario: breakout and consolidation above the level of 1.2967 will allow the pair to continue rising to the levels of 1.3424 – 1.3727.

Analysis: A descending correction appears to continue developing as the fourth wave 4 of larger degree on the daily chart, with wave (С) forming inside. An ascending correction finished developing as the fourth wave 4 of (C), and the fifth wave 5 of (C) started forming on the H4 chart. Apparently, the first wave of smaller degree… Read full author’s opinion and review in blog of #LiteForex