USD/CAD: wave analysis
The correction ended, the pair may grow.
On the 4-hour chart, the third wave of the higher level (3) develops, within which a downward correction ended as the wave ii of 1 of (3). Now, a downward momentum has developed as the wave (c) of ii. If the assumption is correct, the pair will start to grow within the wave iii of 1 to the levels of 1.3349–1.3450. In this scenario, critical stop loss level is 1.3012.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3012 with the targets at 1.3349–1.3450. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3012 will let the pair go down to the level of 1.2849 and below.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3065
Take Profit 1.3349, 1.3450
Stop Loss 1.3012
Key Levels 1.2849, 1.3012, 1.3349, 1.3450
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3010
Take Profit 1.2849
Stop Loss 1.3070
Key Levels 1.2849, 1.3012, 1.3349, 1.3450
On the 4-hour chart, the third wave of the higher level (3) develops, within which a downward correction ended as the wave ii of 1 of (3). Now, a downward momentum has developed as the wave (c) of ii. If the assumption is correct, the pair will start to grow within the wave iii of 1 to the levels of 1.3349–1.3450. In this scenario, critical stop loss level is 1.3012.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3012 with the targets at 1.3349–1.3450. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3012 will let the pair go down to the level of 1.2849 and below.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3065
Take Profit 1.3349, 1.3450
Stop Loss 1.3012
Key Levels 1.2849, 1.3012, 1.3349, 1.3450
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3010
Take Profit 1.2849
Stop Loss 1.3070
Key Levels 1.2849, 1.3012, 1.3349, 1.3450
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.