FX:USDCAD   U.S. Dollar / Canadian Dollar
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The pair may grow.

On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the wave (3) began. Now, the first wave of the lower level 1 of (3) is forming, within which the wave ii of 1 has ended, and the wave iii of 1 is developing. If the assumption is correct, the pair will grow to the levels of 1.3432–1.3564. In this scenario, critical stop loss level is 1.3183.

Main scenario

Long positions will become relevant during the correction, above the level of 1.3183 with the targets at 1.3432–1.3564. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price below the level of 1.3183 will let the pair go down to the levels of 1.3012–1.2910.

Trade

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 1.3314
Take Profit 1.3432, 1.3564
Stop Loss 1.3215
Key Levels 1.2910, 1.3012, 1.3183, 1.3432, 1.3564

Alternative scenario

Recommendation SELL STOP
Entry Point 1.3175
Take Profit 1.3012, 1.2910
Stop Loss 1.3230
Key Levels 1.2910, 1.3012, 1.3183, 1.3432, 1.3564
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