USDCAD: Elliott wave analysis and forecast for 04.12.2020 – 11.12.2020

Main scenario: consider short positions from corrections below the level of 1.3026 with a target of 1.2650 – 1.2500.

Alternative scenario: breakout and consolidation above the level of 1.3026 will allow the pair to continue rising to the levels of 1.3172 – 1.3301.

Analysis: Daily time frame: wave (С) of 4 of larger degree continues developing, with the first wave 1 of (C) formed inside. Presumably, a local correction is completed as wave 2 of (C) on the H4 time frame. Apparently, the third wave 3 of (C) is forming on the H1 time frame. Inside it, there is the… Read full author’s opinion and review in blog of #LiteForex