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USDCAD, Elliot Wave Analysis

2/9/2023 10:11 AM

Growth is possible.

On the daily chart, the upward fifth wave of the higher level 5 develops, within which the wave (3) of 5 forms. Now, a downward correction has ended as the fourth wave 4 of (3), within which the wave c of 4 has formed, and the development of the wave 5 of (3) has started. If the assumption is correct, the USD/CAD pair will grow to the area of 1.3691–1.3978. In this scenario, critical stop loss level is 1.3265.

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