USD/CAD Elliott Wave For the last few days the USDCAD pair is trading upwards, we are seeing the impulsive structure from the 1.0275 level, so we have adjusted green (B) wave a little bit. Yesterday, during the Asian and European session we could observe ascending movement from 1.0403 towards the 1.0449 level.Therefore, during the New York session this major currency has continued trading in a bullish mood and price reached a new sessions highs at the 1.0483 level. At the moment, we are tracking the USDCAD as incomplete .3 wave (coloured green) of C wave (coloured blue) and we are expecting too see one more swing higher before price turn lower when developing of the (B) wave ends.In accordance with our wave rules and taking into account that wave 4 should retrace 38.2% of wave 3, so we can define the potential targets with measuring wave 3 with take profit at 1.0422 (38.2% of wave 3). To reduce the risk, we can use resistance point at the 1.0515 level as stop loss.
Support and Resistance (S3) 1.0318 (S2) 1.0353 (S1) 1.0411 (PP) 1.0446 (R1) 1.0504 (R2) 1.0539 (R3) 1.0597
Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short position at level 1.04880 with stop loss at 1.0515 and take profit at 1.0422 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD Elliott Wave
For the last few days the USDCAD pair is trading upwards, we are seeing the impulsive structure from the 1.0275 level, so we have adjusted green (B) wave a little bit. Yesterday, during the Asian and European session we could observe ascending movement from 1.0403 towards the 1.0449 level.Therefore, during the New York session this major currency has continued trading in a bullish mood and price reached a new sessions highs at the 1.0483 level. At the moment, we are tracking the USDCAD as incomplete .3 wave (coloured green) of C wave (coloured blue) and we are expecting too see one more swing higher before price turn lower when developing of the (B) wave ends.In accordance with our wave rules and taking into account that wave 4 should retrace 38.2% of wave 3, so we can define the potential targets with measuring wave 3 with take profit at 1.0422 (38.2% of wave 3). To reduce the risk, we can use resistance point at the 1.0515 level as stop loss.
Support and Resistance
(S3) 1.0318 (S2) 1.0353 (S1) 1.0411 (PP) 1.0446 (R1) 1.0504 (R2) 1.0539 (R3) 1.0597
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short position at level 1.04880 with stop loss at 1.0515 and take profit at 1.0422 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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