USDCAD Targeting 1.385 Level - Elliott wave analysis

Hello traders,

USDCAD started rallying from the 1.3318 low, indicating that wave C) of a higher degree is completed, and that a minimum three-wave turn is underway.
We labelled a completed leg A/1 and B/2 as part of a reversal, so current rally from 1.348 swing low can be part of wave C or 3. In case of wave C price can target area at Fib. ratio of 100.0 (1.385 level), where wave A would equal wave C in length, and price would turn lower. However, in case of wave 3, price can reach area at Fib. ratio of 161.8 (1.40 level), and turn lower only for a temporary setback as part of a bullish reversal.

Trade well,

The EW-forecast team