USDCAD: Elliott wave analysis and forecast for 10.05.24 – 17.05.24

Main scenario: consider long positions from corrections above the level of 1.3604 with a target of 1.4000 – 1.4200.Alternative scenario: breakout and consolidation below the level of 1.3604 will allow the pair to continue declining to the levels of 1.3354 – 1.3170.Analysis: the ascending first wave of larger degree (1) continues developing on the daily time frame, with wave 5 of (1) forming as its part. The third wave of smaller degree iii of 5 is developing on the H4 chart, with wav