USD/CAD: wave analysis
06 September 2018, 09:46
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.3196 |
| Take Profit | 1.2820, 1.2740 |
| Stop Loss | 1.3381 |
| Key Levels | 1.2740, 1.2820, 1.3381, 1.3500 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3390 |
| Take Profit | 1.3500 |
| Stop Loss | 1.3330 |
| Key Levels | 1.2740, 1.2820, 1.3381, 1.3500 |
The pair can decrease.
On the 4-hour chart, the downward correction develops as a wave 2. Now the wave a of 2 of the lower level has formed, and the wave b of 2 i, which has reached the correctional level of 62%, is ending. If the assumption is correct, the pair will fall to the levels of 1.2820–1.2740 within the wave c of 2. In this scenario, critical stop loss level is 1.3381.
Main scenario
Short positions will become relevant below the level of 1.3381 with the targets at 1.2820–1.2740. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3381 will let the pair grow to the level of 1.3500.
On the 4-hour chart, the downward correction develops as a wave 2. Now the wave a of 2 of the lower level has formed, and the wave b of 2 i, which has reached the correctional level of 62%, is ending. If the assumption is correct, the pair will fall to the levels of 1.2820–1.2740 within the wave c of 2. In this scenario, critical stop loss level is 1.3381.
Main scenario
Short positions will become relevant below the level of 1.3381 with the targets at 1.2820–1.2740. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3381 will let the pair grow to the level of 1.3500.
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