FX:USDCAD   U.S. Dollar / Canadian Dollar
The pair can decrease.

On the 4-hour chart, the downward correction is forming as a wave ii of 3. Now the wave (c) of ii, within which the fourth wave of the lower level iv of (c) has ended, is developing. If the assumption is correct, the pair will fall to the level of 1.2444. The level of 1.2626 is critical for this scenario.

Main scenario

Short positions will become relevant during the correction, below the level of 1.2626 with the target at 1.2444.

Alternative scenario

The breakout and the consolidation of the price above the level of 1.2626 will let the pair grow to the level of 1.2939.

Timeframe Weekly
Recommendation SELL
Entry Point 1.2557
Take Profit 1.2444
Stop Loss 1.2615
Key Levels 1.2444, 1.2626, 1.2939
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2630
Take Profit 1.2939
Stop Loss 1.2525
Key Levels 1.2444, 1.2626, 1.2939
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