USD/CAD: wave analysis
20 July 2022, 10:53
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.2862 |
| Take Profit | 1.3410, 1.3700 |
| Stop Loss | 1.2815 |
| Key Levels | 1.2280, 1.2510, 1.3410, 1.3700 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.2810 |
| Take Profit | 1.2510, 1.2280 |
| Stop Loss | 1.2910 |
| Key Levels | 1.2280, 1.2510, 1.3410, 1.3700 |
The pair may grow.
On the daily chart, the first wave of the higher level (1) of 5 is formed, within which the wave 3 of (1) develops. At the moment, the formation of the third wave of the lower level iii of 3 continues, in which wave (i) of iii has already appeared, the local correction as wave (ii) of iii has ended and the formation of wave (iii) of iii continues. If the assumption is correct, USD/CAD will rise to the levels of 1.3410–1.3700. The level of 1.2815 is critical and stop-loss for this scenario.
Main scenario
Long positions are relevant from the corrections above the level of 1.2815 with targets at 1.3410–1.3700. Implementation time: 7 days and more.
Alternative scenario
Breakdown and consolidation of the price below the level of 1.2815 will allow the trading instrument to continue its downtrend to the levels of 1.2510–1.2280.
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