Thursday, July 14, 2016

USD/CAD: Wave Analysis

Fall is expected.
Assumingly, an upward correction within wave B of the higher level has finished forming. At present, wave C of the higher level seems to have started developing within which the first wave is probably forming. If the assumption is correct, the pair continues falling towards 1.2630. Critical for this scenario is the level of 1.3135.

Trading tips
Sell the pair from corrections, below the level of 1.3135 with the target at 1.2630.

Alternative scenario
The breakout and consolidation above the level of 1.3135 would allow the pair to grow to 1.3200 and higher.


Scenario

Timeframe Weekly
Recommendation SELL
Entry Point 1.2921
Take Profit 1.2630
Stop Loss 1.3020
Key Levels 1.2630, 1.3135, 1.3200

Alternative scenario

Recommendation BUY STOP
Entry Point 1.3140
Take Profit 1.3200
Stop Loss 1.3070
Key Levels 1.2630, 1.3135, 1.3200


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