USD/CAD: wave analysis
04 February 2019, 08:25
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.3105 |
| Take Profit | 1.3030 |
| Stop Loss | 1.3157 |
| Key Levels | 1.3030, 1.3157, 1.3376, 1.3419 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3160 |
| Take Profit | 1.3376, 1.3419 |
| Stop Loss | 1.3085 |
| Key Levels | 1.3030, 1.3157, 1.3376, 1.3419 |
The pair may fall.
On the 4-hour chart, the third wave of the higher level 3 develops, within which the first wave i of 3 ended. Now the formation of the downward correction ii of 3 is ending, within which the wave (c) of ii is developing. If the assumption is correct, in the short term, the pair will fall to the level of 1.3030. In this scenario, critical stop loss level is 1.3157.
Main scenario
Short positions will become relevant below the level of 1.3157 with the target at 1.3030. Implementation period: 3–5 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3157 will let the pair grow to the levels of 1.3376–1.3419.
On the 4-hour chart, the third wave of the higher level 3 develops, within which the first wave i of 3 ended. Now the formation of the downward correction ii of 3 is ending, within which the wave (c) of ii is developing. If the assumption is correct, in the short term, the pair will fall to the level of 1.3030. In this scenario, critical stop loss level is 1.3157.
Main scenario
Short positions will become relevant below the level of 1.3157 with the target at 1.3030. Implementation period: 3–5 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3157 will let the pair grow to the levels of 1.3376–1.3419.
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