A decline is expected.

Assumingly, a double zigzag (w)(x)(y) within wave B of 4 has finished forming. Locally, a reversal and starting wave (i) of the junior level are forming. If the assumption is correct and the price does not break out the critical level of 1.3438, it is logical to expect a decline towards 1.2800 within wave C of 4.

Trading tips

Sell the pair from corrections, below the level of 1.3438 with the target at 1.3000-1.2800.

Alternative scenario

The breakout and consolidation above the level of 1.3438 would allow the pair to continue growing to 1.3500-1.3650.

USD/CAD: wave analysis

USD/CAD: wave analysis

The material published on this page is produced by LiteForex and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Follow us in social networks!
Live Chat
Leave feedback