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USDCAD, Elliot Wave Analysis

10/20/2022 10:21 AM

Growth is possible.

On the daily chart, the upward fifth wave of the higher level 5 forms, within which the wave (1) of 5 formed, the correctional wave (2) of 5 ended, and the wave (3) of 5 forms. Now, the third wave of the lower level 3 of (3) is forming, within which a local correction has ended as the fourth wave iv of 3, and the wave v of 3 is developing. If the assumption is correct, the USD/CAD pair will grow to the area of 1.4100–1.4300. In this scenario, critical stop loss level is 1.3645.

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