Major Key Points to Consider
- Primary Scenario (Bearish) : Consider & Hold Short positions below the level of 1.41000 with a target of 1.3800 – 1.35500. A Sell signal: If the price holds Below 1.400. Stop Loss: Above 1.4100 Take Profit: 1.3800 – 1.35500.
- Alternative Scenario (Bullish): Breakout and consolidation above the level of 1.41500 will allow the pair to continue decline to the levels of 1.43000 – 1.43500. A Buy signal: the level of 1.41500 is broken to the downside. Stop Loss: below 1.41500, Take Profit: 1.43000 – 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 or it has been completed. After confirming the 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 (a) and wave (b) has been completed of smaller degree within this large wave B and now the Price movement is in the Wave (c) of Wave B of Wave (2) or it is completed. To Confirm this we will proceed to 4-hour chart.
On A 4-Hours Chart : on the 4-Hour Chart of USD/CAD, Wave ((c)) of large wave B has been completed in an impulse structure. This has been confirmed as the Leg ((c)) has been retraced at 50% of Leg B and now the downfall has been retraced at more than 50% of final impulse (v). Now the Price is moving in final leg C. Within this Final leg, the impulse (i) has been completed and price is currently moving in corrective impulse (ii).
If this Presumption is correct then USD/CAD may continue to decline to the Price levels of 1.3800 – 1.35500.
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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