USD/CAD: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.3602 |
| Take Profit | 1.3690, 1.3750 |
| Stop Loss | 1.3545 |
| Key Levels | 1.2975, 1.3208, 1.3437, 1.3690, 1.3750 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.3435 |
| Take Profit | 1.3208, 1.2975 |
| Stop Loss | 1.3510 |
| Key Levels | 1.2975, 1.3208, 1.3437, 1.3690, 1.3750 |
The price is in a correction and may grow.
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. Now, the wave C of (2) is developing, within which the wave i of C has ended, and a correction is developing as the wave ii of C. If the assumption is correct, the USD/CAD pair will grow to the area of 1.3690–1.3750. In this scenario, critical stop loss level is 1.3437.
Main scenario
Long positions will become relevant above the level of 1.3437 with the targets at 1.3690–1.3750. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 1.3437 will let the asset go down to the area of 1.3208–1.2975.
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