USD/CAD Elliott Wave Since our last analysis the USD/CAD pair has been trading sideways, corrective wave (2) (coloured pink) of the bigger wave 1 (coloured blue) has been developing. Yesterday, during the Asian and European sessions we could observe descending movement from 1.0151 towards the 1.0124 level and we can consider this movement as the end of the corrective wave (2) (coloured pink). Therefore, during the New York session this commodity currency did not manage to hold this level and the price has retraced all the way to the opening price. Today, the USD/CAD pair is trading around 1.0147 and we expect to see the price above 1.0210 area very soon. In accordance with our wave rules and taking into account that the wave 3 should retrace 261.8% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0212 (261.8% of wave 1). To reduce the risk, we can use support at 1.0060 level as stop loss.
Support and Resistance (S3) 1.0097 (S2) 1.0111 (S1) 1.0127 (PP) 1.0141 (R1) 1.0157 (R2) 1.0171 (R3) 1.0187
Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0160 with stop loss at 1.0060 and take profit at 1.0212 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 sideways, corrective wave (2) (coloured pink) of the bigger wave 1 (coloured blue) has been developing. Yesterday, during the Asian and European sessions we could observe descending movement from 1.0151 towards the 1.0124 level and we can consider this movement as the end of the corrective wave (2) (coloured pink). Therefore, during the New York session this commodity currency did not manage to hold this level and the price has retraced all the way to the opening price. Today, the USD/CAD pair is trading around 1.0147 and we expect to see the price above 1.0210 area very soon. In accordance with our wave rules and taking into account that the wave 3 should retrace 261.8% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0212 (261.8% of wave 1). To reduce the risk, we can use support at 1.0060 level as stop loss.
Support and Resistance
(S3) 1.0097 (S2) 1.0111 (S1) 1.0127 (PP) 1.0141 (R1) 1.0157 (R2) 1.0171 (R3) 1.0187
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0160 with stop loss at 1.0060 and take profit at 1.0212 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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