USD/CAD: wave analysis
16 December 2019, 10:48
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.3162 |
| Take Profit | 1.3327, 1.3498 |
| Stop Loss | 1.3100 |
| Key Levels | 1.3040, 1.3148, 1.3327, 1.3498 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.3145 |
| Take Profit | 1.3040 |
| Stop Loss | 1.3205 |
| Key Levels | 1.3040, 1.3148, 1.3327, 1.3498 |
The pair may grow.
On the 4-hour chart, the third wave of the higher level iii of 1 forms, within which the first wave (i) of iii forms. Now, the local correction (ii) of iii has developed, which has reached the Fibonacci level of 62%. If the assumption is correct, the pair will grow to the levels of 1.3327–1.3498. In this scenario, critical stop loss level is 1.3148.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3148 with the targets at 1.3327–1.3498. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3148 will let the pair go down to the levels of 1.3040 and below.
On the 4-hour chart, the third wave of the higher level iii of 1 forms, within which the first wave (i) of iii forms. Now, the local correction (ii) of iii has developed, which has reached the Fibonacci level of 62%. If the assumption is correct, the pair will grow to the levels of 1.3327–1.3498. In this scenario, critical stop loss level is 1.3148.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3148 with the targets at 1.3327–1.3498. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3148 will let the pair go down to the levels of 1.3040 and below.
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