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USD/CAD: technical analysis 15 October 2019, 12:43

USD/CAD: technical analysis 15 October 2019, 12:43 Scenario Timeframe Weekly Recommendation BUY STOP Entry Point 1.324...

Oct 9, 2019

USD/CAD: wave analysis 09 October 2019, 09:59


Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3317
Take Profit 1.3450, 1.3564
Stop Loss 1.3205
Key Levels 1.3014, 1.3128, 1.3205, 1.3450, 1.3564
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3200
Take Profit 1.3128, 1.3014
Stop Loss 1.3225
Key Levels 1.3014, 1.3128, 1.3205, 1.3450, 1.3564
The pair may grow.
On the 4-hour chart, the third wave of the higher level (3) develops, within which a correction ended as the wave ii of 1 of (3). Now, the wave iii of 1 is developing, within which the local correction (ii) of iii has ended, and the third wave (iii) of iii is forming. If the assumption is correct, the pair will grow to the levels of 1.3450–1.3564. In this scenario, critical stop loss level is 1.3205.


Main scenario
Long positions will become relevant during the correction, above the level of 1.3205 with the targets at 1.3450–1.3564. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3205 will let the pair go down to the levels of 1.3128–1.3014.

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