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Home CommoditiesForex USDCAD: Elliott Wave Analysis and Forecast for June 14, 2024 – June 21, 2024

USDCAD: Elliott Wave Analysis and Forecast for June 14, 2024 – June 21, 2024

by xyonent
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Main scenario: We will consider long positions from any correction above the 1.3660 level with targets at 1.4000-1.4200.

Alternative scenario: A breakout and consolidation below the 1.3660 levels could see the pair continue its decline towards the 1.3471-1.3352 levels.

analysis: On the weekly timeframe, perhaps the larger wave 5 of order 5 is still forming, with wave 5 of order (1) developing as part of it. On the daily timeframe, the smaller wave 5 of order 5 of order (1) is forming, with wave 5 of order (iii) developing as part of it. Apparently, on the H4 timeframe, the local corrective wave iv of order (iii) of order (iii) is completed, with wave v of order (iii) of order (iii) developing as part of it. If this assumption is correct, the USDCAD pair will continue to rise to 1.4000-1.4200. In this scenario, the level of 1.3660 is important, and if it is broken, the pair will continue to fall to the levels of 1.3471-1.3352.



Price chart of USDCAD in real time mode

The contents of this article reflect the opinions of the author and do not necessarily reflect the official views of LiteFinance. The material published on this page is for informational purposes only and should not be considered as the provision of investment advice within the purposes of Directive 2004/39/EC.

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