USD/CAD: WAVE ANALYSIS

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USD/CAD: WAVE ANALYSIS
Scenario
TimeframeWeekly
RecommendationSELL
Entry Point1.3722
Take Profit1.3177, 1.2850
Stop Loss1.3790
Key Levels1.2850, 1.3177, 1.3790, 1.4100, 1.4300
Alternative scenario
RecommendationBUY STOP
Entry Point1.3795
Take Profit1.4100, 1.4300
Stop Loss1.3695
Key Levels1.2850, 1.3177, 1.3790, 1.4100, 1.4300

A fall is possible.

On the daily chart, the upward first wave of the higher level (1) of 5 formed, and a correction develops as the second wave (2) of 5, within which the wave B of (2) ended. Now, the downward wave C of (2) has started, within which the first wave of the lower level i of C is developing, a local correction is forming as the second wave ii of C, and the third wave iii of C is forming. If the assumption is correct, the USD/CAD pair will fall to the area of 1.3177–1.2850. In this scenario, critical stop loss level is 1.3790.

USD/CAD: WAVE ANALYSIS

USD/CAD: WAVE ANALYSIS

Main scenario

Short positions will become relevant below the level of 1.3790 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 1.3790 will let the asset grow to the area of 1.4100–1.4300.


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