USD/CAD Elliott Wave For the last few days, the USD/CAD pair has been trading downwards, impulsive wave (5) (coloured blue) of the bigger wave C (coloured red) has been developing. During the Tuesday’s Asian session we could observe small ascending movement from 1.0064 towards the 1.0082 level. Therefore, during the European and New York sessions this commodity currency did not manage to hold this levels and the price has dropped to the new highs at 1.0035 level. At the moment the USD/CAD pair is trading around 1.0048 and we are expecting to see continuation of the bearish movement today. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 0.9996 (161.8 % of wave 1). To reduce the risk, we can use resistance at 1.0096 as stop loss. Support and Resistance (S3) 0.9977 (S2) 1.0006 (S1) 1.0024 (PP) 1.0053 (R1) 1.0071 (R2) 1.0100 (R3) 1.0118 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0045 with stop loss at 1.096 and take profit at 0.9996 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD Elliott Wave
For the last few days, the USD/CAD pair has been trading downwards, impulsive wave (5) (coloured blue) of the bigger wave C (coloured red) has been developing. During the Tuesday’s Asian session we could observe small ascending movement from 1.0064 towards the 1.0082 level. Therefore, during the European and New York sessions this commodity currency did not manage to hold this levels and the price has dropped to the new highs at 1.0035 level. At the moment the USD/CAD pair is trading around 1.0048 and we are expecting to see continuation of the bearish movement today. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 0.9996 (161.8 % of wave 1). To reduce the risk, we can use resistance at 1.0096 as stop loss.
Support and Resistance
(S3) 0.9977 (S2) 1.0006 (S1) 1.0024 (PP) 1.0053 (R1) 1.0071 (R2) 1.0100 (R3) 1.0118
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0045 with stop loss at 1.096 and take profit at 0.9996 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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