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The article covers the following subjects:
Major Takeaways
- Main scenario: Consider long positions from corrections above the level of 1.3975 with a target of 1.4300 – 1.4500. A buy signal: the price holds above 1.3975. Stop Loss: below 1.3940, Take Profit: 1.4300 – 1.4500.
- Alternative scenario: Breakout and consolidation below the level of 1.3975 will allow the pair to continue declining to the levels of 1.3800 – 1.3711. A sell signal: the level of 1.3975 is broken to the downside. Stop Loss: above 1.4010, Take Profit: 1.3800 – 1.3711.
Main Scenario
Consider long positions from corrections above the level of 1.3975 with a target of 1.4300 – 1.4500.
Alternative Scenario
Breakout and consolidation below the level of 1.3975 will allow the pair to continue declining to the levels of 1.3800 – 1.3711.
Analysis
The fifth wave of larger degree 5 presumably continues developing on the weekly chart, with wave (1) of 5 forming as its part. The fifth wave of smaller degree 5 of (1) is developing on the daily chart, within which a correction is completed as the fourth wave iv of 5. Apparently, the fifth wave v of 5 is developing on the H4 chart, with wave (iii) of v formed and a local corrective wave (iv) of v presumably completed as its parts. If the presumption is correct, the USD/CAD pair will continue to rise in wave (v) of v of 5 to the levels of 1.4300 – 1.4500. The level of 1.3975 is critical in this scenario as its breakout will enable the pair to continue declining to the levels of 1.3800 – 1.3711.
Price chart of USDCAD in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.
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