USDCAD: Elliott wave analysis and forecast for 13.10.23 – 20.10.23


Main scenario: consider short positions from corrections below the level of 1.3785 with a target of 1.3090 – 1.2778. 

Alternative scenario: breakout and consolidation above the level of 1.3785 will allow the pair to continue rising to the levels of 1.4100 – 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 correction finished developing as the second wave ii of 3. Apparently, the third wave iii of 3 started developing on the H1 chart, with the first counter-trend wave of smaller degree (i) of iii formed and a local correction developing as wave (ii) of iii inside. If the presumption is correct, the pair will continue to fall to the levels of 1.3090 – 1.2778 once the correction is over. The level of 1.3785 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.4100 – 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.

Rate this article:

{{value}} ( {{count}} {{title}} )

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *