USD/CAD: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.3643 |
| Take Profit | 1.3177, 1.2850 |
| Stop Loss | 1.3848 |
| Key Levels | 1.2850, 1.3177, 1.3848, 1.4100, 1.4300 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3850 |
| Take Profit | 1.4100, 1.4300 |
| Stop Loss | 1.3765 |
| Key Levels | 1.2850, 1.3177, 1.3848, 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 has ended, and a local correction is developing as the second wave ii of C. 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 1.3848.
Main scenario
Short positions will become relevant below the level of 1.3848 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 1.3848 will let the asset grow to the area of 1.4100–1.4300.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.