USD/CAD: WAVE ANALYSIS

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USD/CAD: WAVE ANALYSIS
Scenario
TimeframeWeekly
RecommendationSELL
Entry Point1.3754
Take Profit1.3177, 1.2850
Stop Loss1.3978
Key Levels1.2850, 1.3177, 1.3978, 1.4215, 1.4470
Alternative scenario
RecommendationBUY STOP
Entry Point1.3980
Take Profit1.4215, 1.4470
Stop Loss1.3900
Key Levels1.2850, 1.3177, 1.3978, 1.4215, 1.4470

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

On the daily chart, the upward first wave of the higher level (1) of 5 ended, and a correction develops as the second wave (2) of 5, within which the wave B of (2) formed. Now, the wave c of B is developing, within which the wave (iii) of c of B has ended. If the assumption is correct, after the wave B of (2) the price will fall within the wave C of (2) to the area of 1.3177–1.2850. In this scenario, critical stop loss level is 1.3978.

USD/CAD: WAVE ANALYSIS

USD/CAD: WAVE ANALYSIS

Main scenario

Short positions will become relevant below the level of 1.3978 with the targets at 1.3177–1.2850. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 1.3978 will let the asset grow to the area of 1.4215–1.4470.


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