USD/СAD: Elliott wave analysis and forecast for 01.08.25 – 08.08.25
The article covers the following subjects:
Major Takeaways
- Main scenario: Consider long positions from corrections above the level of 1.3571 with a target of 1.4018 – 1.4168. A buy signal: the price holds above 1.3571. Stop Loss: below 1.3535, Take Profit: 1.4018 – 1.4168.
- Alternative scenario: Breakout and consolidation below the level of 1.3571 will allow the pair to continue declining to the levels of 1.3425 – 1.3108. A sell signal: the level of 1.3571 is broken to the downside. Stop Loss: above 1.3605, Take Profit: 1.3425 – 1.3108.
Main scenario
Consider long positions from corrections above the level of 1.3571 with a target of 1.4018 – 1.4168.
Alternative scenario
Breakout and consolidation below the level of 1.3571 will allow the pair to continue declining to the levels of 1.3425 – 1.3108.
Analysis
An ascending fifth wave of larger degree 5 presumably continues developing on the weekly chart, with wave (1) of 5 already formed as its part. Apparently, a bearish correction is unfolding as the second wave (2) of 5 on the daily chart, with wave A of (2) completed. On the H4 timeframe, an upward correction appears to be developing as wave B of (2), with wave a of B currently unfolding as its part. If this presumption is correct, USD/CAD may rise to 1.4018 – 1.4168. The level of 1.3571 is critical in this scenario, as a breakout below it would allow the pair to decline to 1.3425 – 1.3108.
This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
Price chart of USDCAD in real time mode
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