Major Key Points to Consider
- Primary Scenario (Bearish) : Consider Short positions from corrections below the level of 1.41000 with a target of 1.3700 – 1.3500. A Sell signal: if the price holds below 1.4100. Stop Loss: above 1.4100 Take Profit: 1.3700 – 1.3500.
- Alternative Scenario (Bullish): Breakout and consolidation above the level of 1.4200 will allow the pair to continue rise to the levels of 1.43100 – 1.43500. A Buy signal: the level of 1.4200 is broken to the upside. Stop Loss: below 1.4200, Take Profit: 1.43100 – 1.43500
Technical Indicators
Trend: Short-term Downtrend within a long-term Bullish Uptrend
Support Levels: 1.39330 – 1.38800
Resistance Levels: 1.42910 – 1.42350
Momentum: Bullish on daily timeframe
Elliott Wave Analysis
On A Weekly Chart : On the Weekly Chart of USD/CAD the larger wave of Degree 5 is forming as (2). The Wave (1) of the same larger degree 5 has been formed on feb’2025. Within this larger corrective wave (2) the Leg A of correction in downtrend has been formed and now price is moving in the Leg B of correction in upward direction. After completion of the Leg B, Price will rally to Leg C of correction in downtrend.
On A Daily Chart : On Daily chart of USD/CAD, The wave B has been completed of larger degree Now the Price moving in Wave C of same degree.
On A 4-Hours Chart : on the 4-Hour Chart of USD/CAD, the large Wave C is developing and wave (i) and (ii) has been completed as its parts. Now the Wave (iii) is unfolding.
If this Presumption is correct then USD/CAD may continue to decline to the Price levels of 1.3700 – 1.3500.
USD/CAD : Current Rate in the Market
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This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
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