USD/CAD: WAVE ANALYSIS

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USD/CAD: WAVE ANALYSIS
Scenario
TimeframeWeekly
RecommendationSELL
Entry Point1.3544
Take Profit1.3050, 1.2850
Stop Loss1.3590
Key Levels1.2850, 1.3050, 1.3590, 1.3724, 1.3854
Alternative scenario
RecommendationBUY STOP
Entry Point1.3595
Take Profit1.3724, 1.3854
Stop Loss1.3535
Key Levels1.2850, 1.3050, 1.3590, 1.3724, 1.3854

A fall is possible.

On the daily chart, the upward first wave of the higher level (1) of 5 ended, and a downward correction develops as the second wave (2) of 5, within which the wave C of (2) forms. Now, the first wave of the lower level i of C has ended, a local correction has formed as the second wave ii of C, and the third wave iii of C is developing. If the assumption is correct, the USD/CAD pair will fall to the area of 1.3050–1.2850. In this scenario, critical stop loss level is 1.3590.

USD/CAD: WAVE ANALYSIS

USD/CAD: WAVE ANALYSIS

Main scenario

Short positions will become relevant below the level of 1.3590 with the targets at 1.3050–1.2850. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 1.3590 will let the asset grow to the area of 1.3724–1.3854.


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