USD/CAD analysis for August 30, 2013
August 30, 2013 9:45 amVideo
Latest News
- Michelle Bowman reiterated Jerome Powell’s opinion April 19, 2024
- The ECB has finally made up its mind April 19, 2024
- The dollar is in control April 19, 2024
- Analysis of the GBP/USD pair on April 18, 2024 April 18, 2024
- Analysis for EUR/USD pair on April 18th. Dull ending to a dull week April 18, 2024
- USD/JPY: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- EUR/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: trading plan for the US session on April 18th (analysis of morning deals) April 18, 2024
- Trading Signals for EUR/USD for April 18-20, 2024: buy above 1.0641 (21 SMA – 2/8 Murray) April 18, 2024
- Bitcoin slides ahead of halving event – Crypto News April 18, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 18-20, 2024: buy above $62,500 or $63,037 (4/8 Murray – rebound) April 18, 2024
- GBP/USD. April 18th. Andrew Bailey did not clarify the situation on QE April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 18-20, 2024: buy above $2,375 (6/8 Murray – 21 SMA) April 18, 2024
- Technical Analysis – Netflix stock moves within narrow range ahead of earnings April 18, 2024
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
- Fed to keep policy tight for longer than markets view April 18, 2024
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
USD/CAD Elliott Wave
Since our last analysis the USDCAD pair has been trading upwards, just like we expected, corrective wave C (coloured blue) of the bigger wave (B) (coloured green) has been developing. Yesterday, during the Asian and European sessions we could observe ascending movements from 1.0478 towards the 1.0515 level. Therefore, during the early New York session this commodity pair continued trading in a bullish mood and the price reached a 1.0504 level. At the moment, the USDCAD pair is trading around 1.0522 and we are expecting to see one more push higher before the price turns around. In accordance with our wave rules and taking into account that wave 5 should retrace 123.6% of wave 4, so we can define potential targets with measuring wave 4 with take profit at 1.0589 (123.6% of wave 4). To reduce the risk, we can use invalidation point at 1.0500 level as stop loss.
Support and Resistance
(S3) 1.0436 (S2) 1.0457 (S1) 1.0497 (PP) 1.0518 (R1) 1.0558 (R2) 1.0579 (R3) 1.0619
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long position at the level of 1.0530 with stop loss at 1.0500 and take profit at 1.0589 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: