USD/CAD: wave analysis
07 August 2019, 10:23
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.3292 |
| Take Profit | 1.3360, 1.3432 |
| Stop Loss | 1.3260 |
| Key Levels | 1.2910, 1.3012, 1.3176, 1.3360, 1.3432 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.3170 |
| Take Profit | 1.3012, 1.2910 |
| Stop Loss | 1.3230 |
| Key Levels | 1.2910, 1.3012, 1.3176, 1.3360, 1.3432 |
The pair may grow.
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the wave (3) began. Now, the first wave of the lower level i of 1 of (3) is forming, within which the wave (iii) of i is developing. If the assumption is correct, the pair will grow to the levels of 1.3360–1.3432. In this scenario, critical stop loss level is 1.3176.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3176 with the targets at 1.3360–1.3432. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3176 will let the pair go down to the levels of 1.3012–1.2910.
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the wave (3) began. Now, the first wave of the lower level i of 1 of (3) is forming, within which the wave (iii) of i is developing. If the assumption is correct, the pair will grow to the levels of 1.3360–1.3432. In this scenario, critical stop loss level is 1.3176.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3176 with the targets at 1.3360–1.3432. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3176 will let the pair go down to the levels of 1.3012–1.2910.
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