USDCAD: Elliott wave analysis and forecast for 08.03.24 – 15.03.24

Main scenario: consider short positions from corrections below the level of 1.3604 with a target of 1.3170 – 1.2977.

Alternative scenario: breakout and consolidation above the level of 1.3604 will allow the pair to continue rising to the levels of 1.3724 – 1.3857.

Analysis: the bullish first wave of a larger degree (1) is presumably formed on the daily time frame. The downward correction is developing as the second wave (2). On the H4 chart, wave A of (2) was formed, the upward correction was completed as wave B of (2) and the formation of wave C of (2) began. Apparently, the first wave of the smaller level (i) of i of C has been formed on H1 time frame. If the presumption is correct, then after the completion of wave (ii) of i of C, the USDCAD pair will decline to the levels of 1.3170 – 1.2977. The level of 1.3604 is critical in this scenario as its breakout will enable the pair to continue rising to the levels of 1.3724 – 1.3857.

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.

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