USDСAD: Elliott Wave Analysis and Forecast for 29.11.24 – 06.12.24

December 2, 2024 2:51 pm

The article covers the following subjects:

Major Takeaways

  • Main scenario: Consider long positions from corrections above the level of 1.3815 with a target of 1.4300 – 1.4500. A buy signal: the price holds above 1.3815. Stop Loss: below 1.3780, Take Profit: 1.4300 – 1.4500.
  • Alternative scenario: Breakout and consolidation below the level of 1.3815 will allow the pair to continue declining to the levels of 1.3711 – 1.3605. A sell signal: the level of 1.3815 is broken to the downside. Stop Loss: above 1.3850, Take Profit: 1.3711 – 1.3605.

Main Scenario

Consider long positions from corrections above the level of 1.3815 with a target of 1.4300 – 1.4500.

Alternative Scenario

Breakout and consolidation below the level of 1.3815 will allow the pair to continue declining to the levels of 1.3711 – 1.3605.

Analysis

The fifth wave of larger degree 5 presumably continues developing on the weekly chart, with wave (1) of 5 forming as its part. The fifth wave of smaller degree 5 of (1) is developing on the daily chart, within which a correction is completed as the fourth wave iv of 5. Apparently, the fifth wave v of 5 is developing on the H4 chart, with wave (iii) of v formed and a local corrective wave (iv) of v unfolding as its parts. If the presumption is correct, USDCAD will continue to rise to the levels of 1.4300 – 1.4500 after the correction ends. The level of 1.3815 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.3711 – 1.3605.



Price chart of USDCAD in real time mode

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