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USDCAD, Elliot Wave Analysis

12/21/2022 10:18 AM

The price is in a correction and may grow.

On the daily chart, the fifth upward wave of the higher level 5 develops, within which the wave (3) of 5 forms. Now, the third wave of the lower level 3 of (3) has formed, a downward correction has ended as the fourth wave 4 of (3), and the wave 5 of (5) is developing, within which the wave i of 5 has ended, and the local correction ii of 5 is forming. If the assumption is correct, USD/CAD pair will grow to the area of 1.3978–1.4500. In this scenario, critical stop loss level is 1.3380.

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