USD/CAD: wave analysis
11 March 2021, 09:04
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.2610 |
| Take Profit | 1.2880, 1.3179 |
| Stop Loss | 1.2460 |
| Key Levels | 1.2200, 1.2300, 1.2460, 1.2880, 1.3179 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.2455 |
| Take Profit | 1.2300, 1.2200 |
| Stop Loss | 1.2515 |
| Key Levels | 1.2200, 1.2300, 1.2460, 1.2880, 1.3179 |
The pair may grow.
On the daily chart, the downward wave of the higher level (C) of 4 developed, and the formation of the wave 5 stated. Now, the first wave of the lower level i of 1 of (1) of 5 is forming, within which a local correction has ended as the wave (ii) of i. If the assumption is correct, the pair will grow to the levels of 1.2880–1.3179. In this scenario, critical stop loss level is 1.2460.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2460 with the targets at 1.2880–1.3179. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2460 will let the pair go down to the levels of 1.2300–1.2200.
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