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USDCAD, Elliot Wave Analysis

12/7/2022 10:28 AM

Growth is possible.

On the daily chart, the upward fifth wave of the higher level 5 and the wave (3) of 5 develop. Now, the third wave of the lower level 3 of (3) has formed, a local correction has ended as the fourth wave 4 of (3), and the formation of the wave 5 of (5) has started, within which the wave i of 5 is developing. If the assumption is correct, the USD/CAD pair will grow to the area of 1.3978–1.4500. In this scenario, critical stop loss level is 1.3222.

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