USD/CAD: wave analysis
| Scenario | |
|---|---|
| Time frame | Weekly |
| Proposal | BUY |
| Entry Points | 1.4024 |
| Take advantage | 1.4303, 1.4400 |
| Stop-loss | 1.3923 |
| Level lock | 1.3400, 1.3643, 1.3923, 1.4303, 1.4400 |
| Different scenarios | |
|---|---|
| Proposal | SELL STOP |
| Entry Points | 1.3920 |
| Take advantage | 1.3643, 1.3400 |
| Stop-loss | 1.4010 |
| Level lock | 1.3400, 1.3643, 1.3923, 1.4303, 1.4400 |
An increase is possible.
On the daily chart, a rising wave at a higher level (1) is formed, where wave 5 of (1) develops. Now, the lower level wave v of 5 is developing, where wave (iii) of v has ended, and a correction is formed as wave (iv) of v. If the expectation is correct, the USD/ CAD pair will expand to the level of 1.4303–1.4400. In this scenario, the critical stop loss level is 1.3923.
Main scenario
A buy position could be relevant above the 1.3923 level with a target at 1.4303–1.4400. Implementation period: 7 days or more.
Alternative scenarios
Breakout and price consolidation below the 1.3923 level will allow the asset to drop to the 1.3643–1.3400 level.
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