Elliott Wave Analysis of USD/CAD for January 28, 2014
January 28, 2014 2:15 pm
USD/CAD Elliott Wave
Since our last analyses the USD/CAD pair has continued trading upwards, just like we expected, impulsive wave v (coloured blue) of the bigger wave (c) (coloured red) has been developing. In the 1-Hour chart of the USD/CAD pair we can see that move from the 1.1030 is showing a three sub-waves a-b-c, and that is why we are going to look for a short term buying opportunity against the 1.1075 level, short term invalidation point.In accordance with our wave rules and taking into account that wave C should retrace 123.6% of wave A, we can define the potential targets with measuring wave A with take profit at 1.1186 (123.6% of wave A). Swing traders should wait for a clear confirmation that wave (c) is over and from there we are going to look for a sell opportunity against the end of the wave (c) (coloured red).
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.1135 with stop loss at 1.1075 and take profit at 1.1186 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD Elliott Wave
Since our last analyses the USD/CAD pair has continued trading upwards, just like we expected, impulsive wave v (coloured blue) of the bigger wave (c) (coloured red) has been developing. In the 1-Hour chart of the USD/CAD pair we can see that move from the 1.1030 is showing a three sub-waves a-b-c, and that is why we are going to look for a short term buying opportunity against the 1.1075 level, short term invalidation point.In accordance with our wave rules and taking into account that wave C should retrace 123.6% of wave A, we can define the potential targets with measuring wave A with take profit at 1.1186 (123.6% of wave A). Swing traders should wait for a clear confirmation that wave (c) is over and from there we are going to look for a sell opportunity against the end of the wave (c) (coloured red).
Support and Resistance
(S3) 1.0973, (S2) 1.1002, (S1) 1.1058, (PP) 1.1087, (R1) 1.1143, (R2) 1.1172, (R3) 1.1228.
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.1135 with stop loss at 1.1075 and take profit at 1.1186 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: