An upward trend is strong.

Assumingly, the third wave of the senior level iii of 5 continues forming, within which an impetus extension is forming. Locally, the third wave of the junior level (iii) seemed to have finished and a correction in a form of wave (iv) is forming. If the assumption is correct, the pair continues growing towards 1.3400 after the correction is over. A critical for this scenario is the level of 1.2857.

Trading tips

Buy the pair above the level of 1.2857 with the target at 1.3400.

Alternative scenario

The breakdown and consolidation below the level of 1.2847 would allow the pair to fall to 1.2600, 1.2550.

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