USD/CAD: wave analysis
07 February 2019, 08:37
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.3240 |
| Take Profit | 1.3376, 1.3660 |
| Stop Loss | 1.3120 |
| Key Levels | 1.2910, 1.3066, 1.3376, 1.3660 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.3060 |
| Take Profit | 1.2910 |
| Stop Loss | 1.3120 |
| Key Levels | 1.2910, 1.3066, 1.3376, 1.3660 |
The correction ended, 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 has formed, and the development of the wave iii of 3 has begun. If the assumption is correct, the pair will grow to the levels of 1.3376–1.3660. In this scenario, critical stop loss level is 1.3066.
Main scenario
Long positions will become relevant above the level of 1.3066 with the targets at 1.3376–1.3660. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3066 will let the pair go down to the level of 1.2910.
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 has formed, and the development of the wave iii of 3 has begun. If the assumption is correct, the pair will grow to the levels of 1.3376–1.3660. In this scenario, critical stop loss level is 1.3066.
Main scenario
Long positions will become relevant above the level of 1.3066 with the targets at 1.3376–1.3660. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3066 will let the pair go down to the level of 1.2910.
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