Technical Analytics Report

USD/CAD: Wave Analysis Report 20 May 2021

USD/CAD: Wave Analysis Report 20 May 2021


The pair may fall. 

On the daily chart, the downward wave of the higher level (C) of 4 develops, within which the fifth wave 5 of (C) forms. Now, the fifth wave of the lower level v of 5 is developing, within which the wave (iii) of v has formed, and a local correction is starting to develop as the wave (iv) of v. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 1.1900–1.1800. In this scenario, critical stop loss level is 1.2346. 

Main Scenario 

Short positions will become relevant after the end of the correction, below the level of 1.2346 with the targets at 1.1900–1.1800. Implementation period: 7 days and more. 

Alternative Scenario 

The breakout and the consolidation of the price above the level of 1.2346 will let the pair grow to the levels of 1.2648–1.2942. 

Scenario 

Timeframe: Weekly

Recommendation: Sell

Entry Point: 1.2107

Take Profit: 1.1900, 1.1800

Stop Loss: 1.2175

Key Levels: 1.1800, 1.1900, 1.2346, 1.2648, 1.2942 

Alternative Scenario 

Timeframe: Weekly

Recommendation: Buy Stop

Entry Point: 1.2350

Take Profit: 1.2648, 1.2942

Stop Loss: 1.2250

Key Levels: 1.1800, 1.1900, 1.2346, 1.2648, 1.2942


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