USD/CAD: Elliott Wave Analysis and Forecast for 24.10.25 – 31.10.25
The article covers the following subjects:
Major Takeaways
- Main scenario: Consider short positions from corrections below the level of 1.4080 with a target of 1.3723 – 1.3570. A sell signal: the price holds below 1.4080. Stop Loss: above 1.4120, Take Profit: 1.3723 – 1.3570.
- Alternative scenario: Breakout and consolidation above the level of 1.4080 will allow the pair to continue rising to the levels of 1.4163 – 1.4316. A buy signal: the level of 1.4080 is broken to the upside. Stop Loss: below 1.4045, Take Profit: 1.4163 – 1.4316.
Main scenario
Consider short positions from corrections below the level of 1.4080 with a target of 1.3723 – 1.3570.
Alternative scenario
Breakout and consolidation above the level of 1.4080 will allow the pair to continue rising to the levels of 1.4163 – 1.4316.
Analysis
An ascending fifth wave of larger degree 5 presumably continues unfolding on the weekly chart, with wave (1) of 5 formed as its part. A bearish correction is developing in the form of the second wave (2) of 5. On the daily time frame, wave A of (2) has most likely been completed, and an upward correction has formed as wave B of (2), with wave c of B formed as its part. On the H4 time frame, a bearish wave C of (2) appears to be unfolding, with the first wave of smaller degree (i) of i of C developing as its part. If the presumption is correct, USD/CAD will continue to decline to the levels of 1.3723 – 1.3570. The level of 1.4080 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.4163 – 1.4316.
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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