USD/CAD: wave analysis

The pair is in correction, the probability of growth is maintained.

On the daily chart, the downward correction is forming as a wave (2), which includes the formation of the wave C of (2). At the moment, the third wave iii of C has formed and the development of an upward correction as wave iv of C has begun. If the assumption is right, the growth of the pair will continue to the levels of 1.3140–1.3184. The level of 1.2953 is critical and stop loss for this scenario.

Main scenario

Long positions are relevant from the corrections above the level of 1.2953 with targets at 1.3140–1.3184. Implementation time: 7 days and more.

Alternative scenario

Breaking down the level of 1.2953 and consolidation of the price below it will allow the asset to continue falling to the level of 1.2849 and lower.

Scenario

  • Timeframe

    Weekly

  • Recommendation

    BUY

  • Entry Point

    1.3059

  • Take Profit

    1.3140, 1.3184

  • Stop Loss

    1.3000

  • Key Levels

    1.2849, 1.2953, 1.3140, 1.3184

Alternative scenario

  • Timeframe

    Weekly

  • Recommendation

    SELL STOP

  • Entry Point

    1.2950

  • Take Profit

    1.2849

  • Stop Loss

    1.3010

  • Key Levels

    1.2849, 1.2953, 1.3140, 1.3184

Tifia trading account

Open

USD/CAD forecast for today.