FX:USDCAD   U.S. Dollar / Canadian Dollar
95 views
3
The pair may grow.

On the 4-hour chart, a correction of the higher level formed as the second wave ii of 3, and the development of the wave iii of 3 began. Now the first wave of the lower level (i) of iii has formed, and the local correction (ii) of iii has developed, within which the wave c of (ii) is forming. If the assumption is correct, the pair will grow to the level of 1.3660. In this scenario, critical stop loss level is 1.3282.

Main scenario

Long positions will become relevant during the correction, above the level of 1.3282 with the target at 1.3660. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price below the level of 1.3282 will let the pair go down to the levels of 1.3219–1.3126.

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 1.3394
Take Profit 1.3660
Stop Loss 1.3282
Key Levels 1.3126, 1.3219, 1.3282, 1.3660

Alternative scenario

Recommendation SELL STOP
Entry Point 1.3275
Take Profit 1.3219, 1.3126
Stop Loss 1.3300
Key Levels 1.3126, 1.3219, 1.3282, 1.3660
Register on LiteForex site and get more analysis https://www.liteforex.com/?uid=880952068&cid=12118

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out