USD/CAD: WAVE ANALYSIS

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USD/CAD: WAVE ANALYSIS
Scenario
TimeframeWeekly
RecommendationSELL
Entry Point1.3235
Take Profit1.3000, 1.2780
Stop Loss1.3388
Key Levels1.2780, 1.3000, 1.3388, 1.3660, 1.3864
Alternative scenario
RecommendationBUY STOP
Entry Point1.3340
Take Profit1.3660, 1.3864
Stop Loss1.3235
Key Levels1.2780, 1.3000, 1.3388, 1.3660, 1.3864

The price is in a correction and a fall is possible.

On the daily chart, the fifth wave of the higher level 5 develops, within which the wave (1) of 5 formed, and a downward correction forms as the second wave (2) of 5. Now, the wave C of (2) is developing, within which the third wave of the lower level iii of C has formed, and a correction is forming as the fourth wave iv of C. If the assumption is correct, the USD/CAD pair will fall to the area of 1.3000–1.2780. In this scenario, critical stop loss level is 1.3388.

USD/CAD: WAVE ANALYSIS

USD/CAD: WAVE ANALYSIS

Main scenario

Short positions will become relevant below the level of 1.3388 with the targets at 1.3000–1.2780. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 1.3388 will let the asset grow to the area of 1.3660–1.3864.

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