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USDCAD, Elliot Wave Analysis

10/26/2022 11:39 AM

The pair is in a correction and may grow.

On the daily chart, the upward fifth wave of the higher level 5 develops, 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) has formed, and a local correction is developing as the fourth wave 4 of (3). If the assumption is correct, the USD/CAD pair will grow to the area of 1.4300–1.4500. In this scenario, critical stop loss level is 1.3500.

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