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USDCAD, Elliot Wave Analysis

1/12/2023 10:28 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 (3) of 5 forms. Now, the wave 5 of (3) is forming, within which the wave i of 5 has formed, and a local correction is ending as the wave ii of 5. 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 1.3208.

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