USDCAD: Elliott wave analysis and forecast for 08.03.24 – 15.03.24

Main scenario: consider short positions from corrections below the level of 1.3604 with a target of 1.3170 – 1.2977.Alternative scenario: breakout and consolidation above the level of 1.3604 will allow the pair to continue rising to the levels of 1.3724 – 1.3857.Analysis: the bullish first wave of a larger degree (1) is presumably formed on the daily time frame. The downward correction is developing as the second wave (2). On the H4 chart, wave A of (2) was formed, the upward correct