USDCAD: Elliott wave analysis and forecast for 16.02.24 – 23.02.24

Main scenario: consider short positions from corrections below the level of 1.3584 with a target of 1.3170 – 1.2977. Alternative scenario: breakout and consolidation above the level of 1.3584 will allow the pair to continue rising to the levels of 1.3724 – 1.3854.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 th