USD/CAD: wave analysis
05 June 2019, 10:17
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 1.3380 |
| Take Profit | 1.3314, 1.3255 |
| Stop Loss | 1.3415 |
| Key Levels | 1.3255, 1.3314, 1.3564, 1.3660 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 1.3570 |
| Take Profit | 1.3660 |
| Stop Loss | 1.3510 |
| Key Levels | 1.3255, 1.3314, 1.3564, 1.3660 |
The pair is in a correction, a fall is possible.
On the 4-hour chart, the third wave of the higher level 3 develops. Now, the first wave of the lower level i of 3 has formed as a wedge, and a local correction is developing as the wave ii of 3, within which the wave (a) of ii has formed. If the assumption is correct, after the correction (b) of ii the pair will fall to the levels of 1.3314–1.3255. In this scenario, critical stop loss level is 1.3564.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3564 with the targets at 1.3314–1.3255. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3564 will let the pair grow to the level of 1.3660 and higher.
On the 4-hour chart, the third wave of the higher level 3 develops. Now, the first wave of the lower level i of 3 has formed as a wedge, and a local correction is developing as the wave ii of 3, within which the wave (a) of ii has formed. If the assumption is correct, after the correction (b) of ii the pair will fall to the levels of 1.3314–1.3255. In this scenario, critical stop loss level is 1.3564.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3564 with the targets at 1.3314–1.3255. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3564 will let the pair grow to the level of 1.3660 and higher.
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