| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.3235 |
| Take Profit | 1.3000, 1.2780 |
| Stop Loss | 1.3388 |
| Key Levels | 1.2780, 1.3000, 1.3388, 1.3660, 1.3864 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3340 |
| Take Profit | 1.3660, 1.3864 |
| Stop Loss | 1.3235 |
| Key Levels | 1.2780, 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.
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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