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USDCAD, Elliot Wave Analysis

11/17/2022 10:30 AM

The price 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 develops. Now, the third wave of the lower level 3 of (3) has formed, a correction has ended as the fourth wave 4 of (3), and the wave c of 4 has formed. The upward dynamics of the USD/CAD pair to the area of 1.4300–1.4500 are expected. In this scenario, critical stop loss level is 1.3206.

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