USDCAD: Elliott wave analysis and forecast for 28.06.24 – 05.07.24

Main scenario: consider long positions from corrections above the level of 1.3606 with a target of 1.4000 – 1.4200. Alternative scenario: breakout and consolidation below the level of 1.3606 will allow the pair to continue declining to the levels of 1.3352 – 1.3168.Analysis: the fifth wave of larger degree 5 presumably continues developing on the weekly time frame, with wave (1) of 5 unfolding as its part. The fifth wave of smaller degree 5 of (1) is forming on the daily time fr