USD/CAD: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.3497 |
| Take Profit | 1.3050, 1.2850 |
| Stop Loss | 1.3618 |
| Key Levels | 1.2850, 1.3050, 1.3618, 1.3850, 1.4000 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3620 |
| Take Profit | 1.3850, 1.4000 |
| Stop Loss | 1.3545 |
| Key Levels | 1.2850, 1.3050, 1.3618, 1.3850, 1.4000 |
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 downward correction develops as the second wave (2) of 5, within which the wave C of (2) forms. Now, the third wave of the lower level iii of C has ended, and a local correction is ending as the fourth wave iv of C. 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 1.3618.
Main scenario
Short positions will become relevant below the level of 1.3618 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 1.3618 will let the asset grow to the area of 1.3850–1.4000.
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