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USD/CAD: technical analysis 16 July 2019, 11:19

USD/CAD: technical analysis 16 July 2019, 11:19 Scenario Timeframe Intraday Recommendation SELL STOP Entry Point 1.303...

Jul 12, 2019

USD/CAD: wave analysis 12 July 2019, 09:43


Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3026
Take Profit 1.2910, 1.2797
Stop Loss 1.3135
Key Levels 1.2797, 1.2910, 1.3144, 1.3233, 1.3281
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3150
Take Profit 1.3233, 1.3281
Stop Loss 1.3090
Key Levels 1.2797, 1.2910, 1.3144, 1.3233, 1.3281
The pair may fall.
On the 4-hour chart, a downward correction of the higher level develops as the wave (2), within which the wave C of (2) forms. Now, the third wave of the lower level iii of C has formed, and a local correction has developed as the wave iv of C. If the assumption is correct, the pair will fall within the wave v of C to the levels of 1.2910–1.2797. In this scenario, critical stop loss level is 1.3144.


Main scenario
Short positions will become relevant during the correction, below the level of 1.3144 with the targets at 1.2910–1.2797. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3144 will let the pair grow to the levels of 1.3233–1.3281.

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