USDCAD: Elliott wave analysis and forecast for 15.09.23 – 22.09.23
Main scenario: consider short positions from corrections below the level of 1.3693 with a target of 1.3090 – 1.2778.
Alternative scenario: breakout and consolidation above the level of 1.3693 will allow the pair to continue rising to the levels of 1.4000 – 1.4300.
Analysis: wave (В) of 4 is presumably completed on the daily chart. Wave (С) of 4 is unfolding, with wave 3 of (C) continuing forming as its part. The first wave i of 3 is formed on the H4 chart, and a local correction finished developing as the second wave ii of 3. Apparently, the third wave iii of 3 started developing in the H1 time frame, with the first counter-trend wave of smaller degree i of (i) of iii forming inside. If the presumption is correct, the pair will continue to drop to the levels of 1.3090 – 1.2778. The level of 1.3693 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.4000 – 1.4300.
Price chart of USDCAD in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.