OANDA:USDCAD   U.S. Dollar / Canadian Dollar
54 0 2
The pair can decrease.

On the 4-hour chart, the downward correction is developing as a wave 2 of (5). Now the wave c of 2, within which the development of the fifth wave of the lower level (v) of c has begun, is forming. If the assumption is correct, the pair will fall to the level of 1.2220. The level of 1.2386 is critical for this scenario.

Main scenario

Short positions will become relevant during the correction, below the level of 1.2386 with the target at 1.2220.

Alternative scenario

The breakout and the consolidation of the price above the level of 1.2386 will let the pair grow to the level of 1.2600.

Trade

Scenario

Timeframe Intraday
Recommendation SELL
Entry Point 1.2307
Take Profit 1.2220
Stop Loss 1.2365
Key Levels 1.2220, 1.2386, 1.2600

Alternative scenario

Recommendation BUY STOP
Entry Point 1.2380
Take Profit 1.2600
Stop Loss 1.2310
Key Levels 1.2220, 1.2386, 1.2600
More analytic from LiteForex:
English https://www.liteforex.com/blog/?uid=880952068&cid=12118
Malay https://www.liteforex.my/trading/forex-analysis/?uid=880952068&cid=12118
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