USDCAD: Elliott wave analysis and forecast for 13.05.2022 – 20.05.2022

Main scenario: consider long positions from corrections above the level of 1.2915 with a target of 1.3200 – 1.3333. 

Alternative scenario: breakout and consolidation below the level of 1.2915 will allow the pair to continue declining to the levels of 1.2706 – 1.2455.

Analysis: On the daily chart, supposedly, a downward correction is completed as the fourth wave 4 of larger degree, and the fifth wave 5 has started to form, with wave 1 of (1) of 5 developing inside. On the H4 chart, a corrective wave iv of 1 finished forming , and wave v of 1 is developing. On the H1 chart, apparently, the third wave of smaller degree (iii) of v is formed, a local correction finished developing as wave (iv) of v, and wave (v) of v is unfolding. If the presumption is correct, the pair will continue to rise to the levels of 1.3200 – 1.3333. The level of 1.2915 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.2706 – 1.2455.

Price chart of USDCAD in real time mode

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