The uptrend continues.

Supposedly, a bullish impetus continues to form as the first wave within the fifth wave of senior level. Apparently, a local correction in a form of wave (iv) has finished and the fifth final wave of junior level has started to form. If the assumption is correct, a bearish correction will develop logically within the second wave. The level of 1.2408 is critical in this scenario as the breakout will enable the pair to continue declining to the levels 1.2238–1.2160.

Trading tips

Buy the pair from corrections above the level of 1.2408 with a target at 1.2650.

Alternative scenario

Breakout and consolidation below the level of 1.2408 will allow the pair to continue declining to the levels 1.2240–1.2160.

USD/CAD: wave analysis

USD/CAD: wave analysis

Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.

Follow us in social networks!
Live Chat
Leave feedback