USDCAD: Elliott wave analysis and forecast for 01.03.24 – 08.03.24

Main scenario: consider long positions from corrections above the level of 1.3445 with a target of 1.3625 – 1.3724. Alternative scenario: breakout and consolidation below the level of 1.3445 will allow the pair to continue declining to the levels of 1.3170 – 1.2977.Analysis: the bullish first wave of larger degree (1) is presumably formed on the daily time frame, with the fifth wave 5 of (1) completed as its part. On the H4 chart, a descending correction continues developing as