USD/CAD: wave analysis
14 January 2019, 08:28
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.3282 |
| Take Profit | 1.3390, 1.3440 |
| Stop Loss | 1.3175 |
| Key Levels | 1.3070, 1.3130, 1.3175, 1.3390, 1.3440 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.3170 |
| Take Profit | 1.3130, 1.3070 |
| Stop Loss | 1.3200 |
| Key Levels | 1.3070, 1.3130, 1.3175, 1.3390, 1.3440 |
The pair may grow.
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 downward correction ii of 3 is forming, within which a “bearish” momentum has formed as the wave (a) of ii, and the upward correction (b) of ii is developing. If the assumption is correct, the pair will grow to the levels of 1.3390–1.3440. In this scenario, critical stop loss level is 1.3175.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3175 with the targets at 1.3390–1.3440. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3175 will let the pair go down to the levels of 1.3130–1.3070.
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 downward correction ii of 3 is forming, within which a “bearish” momentum has formed as the wave (a) of ii, and the upward correction (b) of ii is developing. If the assumption is correct, the pair will grow to the levels of 1.3390–1.3440. In this scenario, critical stop loss level is 1.3175.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3175 with the targets at 1.3390–1.3440. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3175 will let the pair go down to the levels of 1.3130–1.3070.
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