USD/CAD: WAVE ANALYSIS

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USD/CAD: WAVE ANALYSIS
Scenario
TimeframeWeekly
RecommendationBUY
Entry Point1.3844
Take Profit1.3950, 1.4150
Stop Loss1.3785
Key Levels1.3361, 1.3581, 1.3712, 1.3950, 1.4150
Alternative scenario
RecommendationSELL STOP
Entry Point1.3710
Take Profit1.3581, 1.3361
Stop Loss1.3770
Key Levels1.3361, 1.3581, 1.3712, 1.3950, 1.4150

Growth is possible.

On the daily chart, the upward first wave of the higher level (1) of 5 formed, a correction ended as the second wave (2) of 5, and the third wave (3) of 5 started. Now, the first wave of the lower level 1 of (3) is developing, within which the wave v of 1 is developing. If the assumption is correct, the USD/CAD pair will grow to the area of 1.3950–1.4150. In this scenario, critical stop loss level is 1.3712.

USD/CAD: WAVE ANALYSIS

USD/CAD: WAVE ANALYSIS

Main scenario

Long positions will become relevant above the level of 1.3712 with the targets at 1.3950–1.4150. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 1.3712 will let the asset go down to the area of 1.3581–1.3361.


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