USD/CAD: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.3769 |
| Take Profit | 1.3950, 1.4150 |
| Stop Loss | 1.3631 |
| Key Levels | 1.3494, 1.3571, 1.3631, 1.3950, 1.4150 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.3630 |
| Take Profit | 1.3571, 1.3494 |
| Stop Loss | 1.3660 |
| Key Levels | 1.3494, 1.3571, 1.3631, 1.3950, 1.4150 |
Growth is possible.
On the daily chart, the upward first wave of the higher level (1) of 5 ended, a correction formed as the second wave (2) of 5, and the third wave (3) of 5 develops. Now, the first wave of the lower level 1 of (3) is developing, within which the formation of the wave v of 1 has started. 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 1.3631.
Main scenario
Long positions will become relevant above the level of 1.3631 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 1.3631 will let the asset go down to the area of 1.3571–1.3494.
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