USDCAD: Elliott wave analysis and forecast for 29.03.24 – 05.04.24

Main scenario: consider long positions from corrections above the level of 1.3452 with a target of 1.3724 – 1.3857. Alternative scenario: breakout and consolidation below the level of 1.3452 will allow the pair to continue declining to the levels of 1.3170 – 1.2977.Analysis: the ascending first wave of larger degree (1) is presumably formed on the daily chart, and a downside correction is unfolding as second wave (2). Wave А of (2) is formed on the H4 time frame, and a bul