You are here: Home > articles > Elliott Wave > Elliott Wave Analysis of USD/CAD for February 26, 2014
Elliott Wave Analysis of USD/CAD for February 26, 2014
February 26, 2014 8:20 amVideo
Latest News
- Technical Analysis – USDJPY erases losses, but risks remain May 1, 2024
- Video market update for May 01, 2024 May 1, 2024
- What do Q1 earnings hold for Disney’s stock? – Stock Markets May 1, 2024
- Will the post-FOMC jobs report move the dollar? – Preview May 1, 2024
- Forex forecast 05/01/2024: EUR/USD, GBP/USD, USD/JPY, SP500 and Oil from Sebastian Seliga May 1, 2024
- Market Comment – Dollar enjoys a bid; stocks concerned about a hawkish Fed May 1, 2024
- Technical Analysis – Gold seeks safety after Tuesday’s drop May 1, 2024
- Technical Analysis – USDJPY stabilizes a tad below 160.00 May 1, 2024
- Video market update for April 30, 2024 April 30, 2024
- Analysis of the EUR/USD pair on April 30, 2024 April 30, 2024
- Analysis of the GBP/USD pair on April 30th. Last chance for the dollar April 30, 2024
- GBP/USD: Simple trading tips for novice traders for April 30th (US session) April 30, 2024
- EUR/USD: Simple trading tips for novice traders for April 30th (US session) April 30, 2024
- GBP/USD: trading plan for the US session on April 30th (analysis of morning deals). The pound is kept within the side channel April 30, 2024
- Could Monday’s intervention turn the tide for the yen? – Special Report April 30, 2024
- EUR/USD: trading plan for the US session on April 30th (analysis of morning deals). The euro is trying to end the month on April 30, 2024
- Trading Signals for Bitcoin (BTC/USD) for April 30 – May 7, 2024: sell below $62,500 (21 SMA – 4/8 Murray) April 30, 2024
- Trading Signals for Ethereum (ETH/USD) for April 30 – May 7, 2024: sell below $3,177 (21 SMA – 1/8 Murray) April 30, 2024
- Technical Analysis – Is US 100 setting course for new record highs? April 30, 2024
- EUR/USD. April 30th. Sellers await weak inflation data in the EU April 30, 2024
USD/CAD Elliott Wave
The USD/CAD pair has been trading upwards after the wave [b] (coloured black) completed the down cycle from 1.1193 yesterday at the 1.1048 level. In the 1-hour chart of the pair, we can see that we are tracking this short-term uptrend as sub-waves i and ii (coloured black) of the the bigger wave (a) (coloured green), and while price remains above the 1.1048 level, we are going to look for more buying opportunity inside the iii wave (coloured black). In accordance with our wave rules and taking into account that wave iii should extend 161.8% of wave i, we can define the potential targets with measuring wave i with take profit at 1.1142 (161.8% of wave i). Swing term traders can also try this position, but they should hold the longs all the way towards the 1.1512 level, where we think Z wave (coloured red) should end the cycle. The RSI indicator on the smaller time frames, needs to provide us divergence at the end of the iii wave to confirm our view, and when you see that divergence you should look to close the trade.
Support and Resistance
(S3) 1.1018, (S2) 1.1036, (S1) 1.1060, (PP) 1.1078, (R1) 1.1102, (R2) 1.1120, (R3) 1.1144.
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why short positions at the level of 1.1085 with stop loss at 1.1042 and take profit at 1.1142 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: