Analyzing USD/CAD on the 30-minute chart using Elliott Wave Theory, I observed that wave (3) marked the end of the recent upward move. Following this, wave (4) is expected to initiate a downward correction. The potential targets for wave (5) are:
- 1.37328, which corresponds to the 0.618 extension level of wave (3)
- 1.37749, which corresponds to the 1 extension level of wave (3)
- 1.38430, which corresponds to the 1.618 extension level of wave (3)
This setup suggests a long position on USD/CAD, targeting these levels as potential take-profit points.
- 1.37328, which corresponds to the 0.618 extension level of wave (3)
- 1.37749, which corresponds to the 1 extension level of wave (3)
- 1.38430, which corresponds to the 1.618 extension level of wave (3)
This setup suggests a long position on USD/CAD, targeting these levels as potential take-profit points.
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