OANDA:USDCAD   US-Dollar / Kanadischer Dollar
The pair is decreasing.

On the 4-hour chart, the downward correction is developing as a wave 2 of (5). Now the wave c of 2, within which the local correction of the lower level (iv) of c is developing, is forming. If the assumption is correct, the pair will fall to the level of 1.2220 after the end of the correction. The level of 1.2508 is critical for this scenario.

Main scenario

Short positions will become relevant during the correction, below the level of 1.2508 with the target at 1.2220.

Alternative scenario

The breakout and the consolidation of the price above the level of 1.2508 will let the pair grow to the levels of 1.2600–1.2700.

Trade

Scenario

Timeframe Intraday
Recommendation SELL
Entry Point 1.2336
Take Profit 1.2220
Stop Loss 1.2400
Key Levels 1.2220, 1.2508, 1.2600, 1.2700

Alternative scenario

Recommendation BUY STOP
Entry Point 1.2515
Take Profit 1.2600, 1.2700
Stop Loss 1.2455
Key Levels 1.2220, 1.2508, 1.2600, 1.2700
More analytic from LiteForex:
English https://www.liteforex.com/blog/?uid=880952068&cid=12118
Malay https://www.liteforex.my/trading/forex-analysis/?uid=880952068&cid=12118
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