USD/CAD analysis for August 14, 2013
August 14, 2013 11:45 amVideo
Latest News
- EUR/USD. May 10th. Traders continue to torment the dollar May 10, 2024
- GBP/USD. May 10th. The British economy was pleasantly surprised May 10, 2024
- USD/JPY: Simple trading tips for novice traders on May 10th (US session) May 10, 2024
- GBP/USD: Simple trading tips for novice traders on May 10th (US session) May 10, 2024
- EUR/USD: Simple trading tips for novice traders for May 10th (US session) May 10, 2024
- GBP/USD: trading plan for the US session on May 10th (analysis of morning deals). The pound hit 1.2535 May 10, 2024
- EUR/USD: trading plan for the US session on May 10th (analysis of morning deals). The euro shows no signs of life May 10, 2024
- Trading Signals for BITCOIN (BTC/USD) for May 10-15, 2024: buy above $62,500 (21 SMA – 4/8 Murray) May 10, 2024
- Video market update for May 10, 2024 May 10, 2024
- Technical Analysis – GBPJPY continues to ascend May 10, 2024
- Technical Analysis – EURUSD retests 200-day SMA near downtrend line May 10, 2024
- Bitcoin finds support from a weaker dollar – Crypto News May 10, 2024
- Weekly Forex Outlook: 10/05/2024 – US inflation numbers to shake Fed rate cut bets May 10, 2024
- Forex forecast 05/10/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga May 10, 2024
- Week Ahead – US inflation numbers to shake Fed rate cut bets May 10, 2024
- GBP/USD: trading tips for beginners for European session on May 10 May 10, 2024
- EUR/USD: trading tips for beginners for European session on May 10 May 10, 2024
- Market Comment – Dollar slides, gold shines after soft US labor market data May 10, 2024
- Technical Analysis – AUDUSD remains undecided near crucial technical region May 10, 2024
- Technical Analysis – USDCAD slips beneath 20-day SMA May 10, 2024
USD/CAD Elliott Wave
Since our last analysis the USDCAD pair has been trading upwards, just like we expected, we can say that the bullish move from 1.0275 is complex correction in the 2 wave (coloured blue). Yesterday, during Asian and European sessions we could observe an ascending movement from 1.0301 towards 1.0336. Therefore, during the New York session, this commodity currency continued trading in a bullish mood and the price reached a new high at 1.0347 level. At the moment, the price is trading lower and we are expecting to see continuation of the bearish movement when developing of the wave 3 starts. In accordance with our wave rules and taking into account that wave 3 should retrace 161.8% of wave 1, so we can define the potential targets with measuring wave 1 with take profit at 1.0197 (161.8% of wave 1). To reduce the risk, we can use invalidation point at 1.0450 level as stop loss.
Support and Resistance
(S3) 1.0265 (S2) 1.0282 (S1) 1.0313 (PP) 1.0330 (R1) 1.0361 (R2) 1.0378 (R3) 1.0409
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short position at level 1.0320 with stop loss at 1.0450 and take profit at 1.0197 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: