USD/CAD: wave analysis
25 January 2019, 08:33
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.3321 |
| Take Profit | 1.3130, 1.3070 |
| Stop Loss | 1.3375 |
| Key Levels | 1.3070, 1.3130, 1.3375, 1.3419, 1.3477 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3380 |
| Take Profit | 1.3419, 1.3477 |
| Stop Loss | 1.3350 |
| Key Levels | 1.3070, 1.3130, 1.3375, 1.3419, 1.3477 |
The pair may decrease.
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 the wave (b) of ii has developed. If the assumption is correct, the pair will fall to the levels of 1.3130–1.3070. In this scenario, critical stop loss level is 1.3375.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3375 with the targets at 1.3130–1.3070. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3375 will let the pair grow to the levels of 1.3419–1.3477.
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 the wave (b) of ii has developed. If the assumption is correct, the pair will fall to the levels of 1.3130–1.3070. In this scenario, critical stop loss level is 1.3375.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3375 with the targets at 1.3130–1.3070. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3375 will let the pair grow to the levels of 1.3419–1.3477.
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