OANDA:USDCAD   U.S. Dollar / Canadian Dollar
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The trend is upward.

On the 4-hour chart, the third wave of the higher level 3 of (5) is forming. Now the third wave iii of 3 is developing, within which the wave ( iii ) of iii of the lower level has formed, and the correctional fourth wave (iv) of iii is ending. If the assumption is correct, the pair will grow to the level of 1.3131. The level of 1.2852 is critical for this scenario.

Main scenario

Long positions will become relevant during the correction, above the level of 1.2852 with the target at 1.3131.

Alternative scenario

The breakdown and the consolidation of the price below the level of 1.2852 will let the pair go down to the levels of 1.2808–1.2763.

Trade

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 1.2890
Take Profit 1.3131
Stop Loss 1.2810
Key Levels 1.2763, 1.2808, 1.2852, 1.3131

Alternative scenario

Recommendation SELL STOP
Entry Point 1.2850
Take Profit 1.2808, 1.2763
Stop Loss 1.2880
Key Levels 1.2763, 1.2808, 1.2852, 1.3131
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