USD/CAD: wave analysis
01 July 2019, 09:15
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.3100 |
| Take Profit | 1.3201, 1.3243 |
| Stop Loss | 1.3055 |
| Key Levels | 1.2910, 1.3055, 1.3201, 1.3243 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.3050 |
| Take Profit | 1.2910 |
| Stop Loss | 1.3110 |
| Key Levels | 1.2910, 1.3055, 1.3201, 1.3243 |
The price may grow within the correction.
On the 4-hour chart, the downward correction of the higher level develops as the wave (2), within which the wave C of (2) forms. Now, the third wave of the lower level iii of C has ended. If the assumption is correct, the pair will grow within the wave iv of C to the levels of 1.3201–1.3243. In this scenario, critical stop loss level is 1.3055.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3055 with the targets at 1.3201–1.3243. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3055 will let the pair go down to the level of 1.2910.
On the 4-hour chart, the downward correction of the higher level develops as the wave (2), within which the wave C of (2) forms. Now, the third wave of the lower level iii of C has ended. If the assumption is correct, the pair will grow within the wave iv of C to the levels of 1.3201–1.3243. In this scenario, critical stop loss level is 1.3055.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3055 with the targets at 1.3201–1.3243. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3055 will let the pair go down to the level of 1.2910.
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