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USDCAD: Elliott wave analysis and forecast for 16.07.2021 – 23.07.2021

Main scenario: consider short positions below the level of 1.2880 with a target of 1.2000 – 1.1850 once correction is completed.

Alternative scenario: breakout and consolidation above the level of 1.2880 will allow the pair to continue rising to the levels of 1.3413 – 1.3722.

Analysis: Wave (С) of 4 of larger degree continues developing on the daily time frame, with the third wave 3 of (C) formed inside. Presumably, an ascending correction is nearing completion as wave 4 of (С) on the H4 time frame, with wave c of 4 forming inside. Apparently, wave (v) of c is nearing completion on the H1 time frame. If this assumption is correct, the pair will continue to fall to 1.2000 – 1.1850 once wave c of 4 is completed. The level of 1.2880 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.3413 – 1.3722.

Price chart of USDCAD in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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