USDCAD: Elliott wave analysis and forecast for 22.04.22 – 29.04.22


Main scenario: consider long positions from corrections above the level of 1.2394 with a target of 1.2976 – 1.3200. 

Alternative scenario: breakout and consolidation below the level of 1.2394 will allow the pair to continue declining to the levels of 1.2250 – 1.2024.

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 wave1 of (1) of 5 developing inside. A corrective wave iv of 1 finished forming on the H4 chart, and wave v of 1 started developing. Apparently, the first wave of smaller degree (i) of v and a local correction (ii) of v are formed, and wave (iii) of v has started developing on the H1 chart. If the presumption is correct, the pair will continue to rise to the levels of 1.2976 – 1.3200. The level of 1.2394 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.2250 – 1.2024.



Price chart of USDCAD in real time mode

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