USD/CAD: wave analysis
28 July 2022, 11:44
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.2829 |
| Take Profit | 1.3410, 1.3700 |
| Stop Loss | 1.2521 |
| Key Levels | 1.2010, 1.2280, 1.2521, 1.3410, 1.3700 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 1.2520 |
| Take Profit | 1.2280, 1.2010 |
| Stop Loss | 1.2600 |
| Key Levels | 1.2010, 1.2280, 1.2521, 1.3410, 1.3700 |
Growth is possible.
On the daily chart, the first wave of the higher level (1) of 5 forms, within which the wave 3 of (1) develops. Now, the third wave of the lower level iii of 3 is developing, within which the wave (iii) of iii is appearing. If the assumption is correct, the USD/CAD pair will grow to the area of 1.3410–1.3700. In this scenario, critical stop loss level is 1.2521.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2521 with the targets at 1.3410–1.3700. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2521 will let the asset go down to the levels of 1.2280–1.2010.
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