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 1.4100 will allow the pair to continue rise to the levels of 1.43100 – 1.45000. A Buy signal: the level of 1.4100 is broken to the upside. Stop Loss: below 1.4100, Take Profit: 1.43100 – 1.45000
Technical Indicators
Trend: Short-term Downtrend within a long-term Bullish Uptrend
Support Levels: 1.39330 – 1.38800
Resistance Levels: 1.40270 – 1.39500
Momentum: Bearish 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 & B has been formed and price is moving in downward Leg C.
On A Daily Chart : On Daily chart of USD/CAD, The wave B has been completed of larger degree and Price moving in Wave C of same degree. The structure seems to be impulsive and it is developing in wave ((i)) as its part.Â
On A 4-Hours Chart : on the 4-Hour Chart of USD/CAD, Price is still moving in short wave (i) of large wave ((i)).Â
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
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of Webmile | Markets [A propriety of SingleDot Technologies]. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice. According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
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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