USDCAD: Elliott wave evaluation and forecast for 23.07.21 – 30.07.21


USDCAD: Elliott wave analysis and forecast for 23.07.21 – 30.07.212021-07-23 2021-07-23 Alex Geutalogo2021-07-23 2021-07-23 USDCAD: Elliott wave analysis and forecast for 23.07.21 – 30.07.21Alex Geutalogo

Main scenario: consider short positions from corrections below the level of 1.2811 with a target of 1.2000 – 1.1850.

Alternative scenario: breakout and consolidation above the level of 1.2811 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 in the daily chart, with the third wave 3 of (C) formed as part of it. Presumably, an ascending correction is completed as wave 4 of (С) on the H4 time frame, with wave c of 4 formed inside. Apparently, the fifth wave 5 of (C) started developing on the H1 time frame, with the first counter-trend wave of smaller degree i of 5 forming inside. If the presumption is correct, the pair will continue to drop to the levels of 1.2000 – 1.1850. The level of 1.2811 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.

Rate this article:{{value}} ( {{count}} {{title}} )


admin

0 Comments

Your email address will not be published. Required fields are marked *