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USDCAD, Elliot Wave Analysis

2/1/2023 10:32 AM

The price is in a correction and a fall is possible.

On the daily chart, the upward fifth wave of the higher level 5 forms, within which the wave (3) of 5 develops. Now, a downward correction is forming as the fourth wave 4 of (3), within which the wave c of 4 is developing. If the assumption is correct, the USD/CAD pair will fall to the area of 1.3196–1.2953. In this scenario, critical stop loss level is 1.3467.

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