USD/CAD: wave analysis
09 July 2019, 09:23
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.3107 |
| Take Profit | 1.3187, 1.3233 |
| Stop Loss | 1.3037 |
| Key Levels | 1.2797, 1.2910, 1.3037, 1.3187, 1.3233 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.3030 |
| Take Profit | 1.2910, 1.2797 |
| Stop Loss | 1.3090 |
| Key Levels | 1.2797, 1.2910, 1.3037, 1.3187, 1.3233 |
The pair may grow.
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 formed, and the development of a local correction as the wave iv of C has begun. If the assumption is correct, the pair will grow to the levels of 1.3187–1.3233. In this scenario, critical stop loss level is 1.3037.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3037 with the targets at 1.3187–1.3233. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3037 will let the pair go down to the levels of 1.2910–1.2797.
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 formed, and the development of a local correction as the wave iv of C has begun. If the assumption is correct, the pair will grow to the levels of 1.3187–1.3233. In this scenario, critical stop loss level is 1.3037.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3037 with the targets at 1.3187–1.3233. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3037 will let the pair go down to the levels of 1.2910–1.2797.
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