USD/CAD: Wave Analysis
| Scenery | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry point | 1.3957 |
| Take Profit | 1.4200, 1.4400 |
| Stop Loss | 1.3841 |
| Key levels | 1.3582, 1.3683, 1.3841, 1.4200, 1.4400 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry point | 1.3840 |
| Take Profit | 1.3683, 1.3582 |
| Stop Loss | 1.3900 |
| Key levels | 1.3582, 1.3683, 1.3841, 1.4200, 1.4400 |
The probability of pair growth persists.
On the daily chart, the first ascending wave of the upper level (1) is formed, within which wave 5 of (1) develops. At this time, there is a fifth wave of the lower level v of 5, within which wave (i) of v ends, the correction is completed as wave (ii) of v, and wave (iii) of v begins. If the assumption is correct, the USD/CAD pair will grow in the area of 1.4200-1.4400. The critical stop-loss level for this scenario is 1.3841.
Main stage
Long positions are relevant above the level of 1.3841 with targets at 1.4200–1.4400. Implementation period: 7 days or more.
Alternative scenario
The breakout and consolidation of the price below the level of 1.3841 will allow the trading instrument to continue the downward dynamics in the area of 1.3683–1.3582.
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