Elliott wave analysis of USD/CAD for October 21, 2021

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USD/CAD is in a huge corrective decline to 0.7540. We have seen wave A from 1.6184 to a low of 0.9059 and wave B has since taken us to a high of 1.4690. Now, wave C is making it way lower to the ideal target near 0.7540.

We know that wave C should be in five waves and our preferred count shows. It has only just started on Su-wave 3/ of 3 lower to 0.8644. Alternatively, sub-wave 2/ still could be in motion and call for a move closer to the 61.8% corrective target of wave 1 towards 1.3654 before down sharply as wave 3/ of 3 unfolds.

The material has been provided by InstaForex Company - www.instaforex.com

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