Elliott Wave Analysis of USD/CAD for December 31, 2013
December 31, 2013 3:15 pm
USD/CAD Elliott Wave Since our last analysis, the USD/CAD pair has been trading downwards, we have slightly adjusted our wave count to fit the current market price. In the 1-hour chart above you can see that we are tracking the descending movement from 1.0725 towards 1.0630 as flat correction in the x wave (coloured blue). Today, the USD/CAD pair is trading slightly higher and while the price stays above 1.0580 (short term invalidation), we are going to look for a few more days of an upward movements in this commodity pair. In accordance with our wave rules and taking into account that wave Y should retrace 123.6% of wave W, we can define the potential targets with measuring wave W with take profit at 1.0798 (123.6% of wave W).
Support and Resistance (S3) 1.0522, (S2) 1.0579, (S1) 1.0613, (PP) 1.0670, (R1) 1.0704, (R2) 1.0761, (R3) 1.0795.
Trading forecast Proceeding from the Elliott Wave rules today, the trend is expected to begin an upward movement. That is why long positions at the level of 1.0650 with stop loss at 1.0580 and take profit at 1.0798 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD Elliott Wave
Since our last analysis, the USD/CAD pair has been trading downwards, we have slightly adjusted our wave count to fit the current market price. In the 1-hour chart above you can see that we are tracking the descending movement from 1.0725 towards 1.0630 as flat correction in the x wave (coloured blue). Today, the USD/CAD pair is trading slightly higher and while the price stays above 1.0580 (short term invalidation), we are going to look for a few more days of an upward movements in this commodity pair. In accordance with our wave rules and taking into account that wave Y should retrace 123.6% of wave W, we can define the potential targets with measuring wave W with take profit at 1.0798 (123.6% of wave W).
Support and Resistance
(S3) 1.0522, (S2) 1.0579, (S1) 1.0613, (PP) 1.0670, (R1) 1.0704, (R2) 1.0761, (R3) 1.0795.
Trading forecast
Proceeding from the Elliott Wave rules today, the trend is expected to begin an upward movement. That is why long positions at the level of 1.0650 with stop loss at 1.0580 and take profit at 1.0798 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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