USD/CAD: wave analysis
06 December 2019, 11:06
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.3184 |
| Take Profit | 1.3498, 1.3560 |
| Stop Loss | 1.3042 |
| Key Levels | 1.2654, 1.2849, 1.3042, 1.3498, 1.3560 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.3035 |
| Take Profit | 1.2849, 1.2654 |
| Stop Loss | 1.3100 |
| Key Levels | 1.2654, 1.2849, 1.3042, 1.3498, 1.3560 |
The pair may grow.
On the daily chart, the third wave of the higher level (3) forms, within which the wave 1 of (3) develops. Now, the third wave of the lower level iii of 1 is forming, within which the development of the local correction (ii) of iii is ending. If the assumption is correct, the pair will grow to the levels of 1.3498–1.3560. In this scenario, critical stop loss level is 1.3042.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3042 with the targets at 1.3498–1.3560. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3042 will let the pair go down to the levels of 1.2849–1.2654.
On the daily chart, the third wave of the higher level (3) forms, within which the wave 1 of (3) develops. Now, the third wave of the lower level iii of 1 is forming, within which the development of the local correction (ii) of iii is ending. If the assumption is correct, the pair will grow to the levels of 1.3498–1.3560. In this scenario, critical stop loss level is 1.3042.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3042 with the targets at 1.3498–1.3560. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3042 will let the pair go down to the levels of 1.2849–1.2654.
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