USD/CAD Elliott Wave For the last few days pair has been trading upwards, so we have switched alternate and primary count, we are going to look for one more push higher to complete the bigger wave b. During the Friday’s European session we could observe ascending movement from 1.0623 towards the 1.0667 level. Therefore, during the New York session this commodity pair did not manage to hold this levels and the price retraced all the way back to 1.05800 level. At the moment, the USD/CAD pair is trading around 1.0575 level and we are expecting to see one more push higher before the price turns around in the FLAT c wave (coloured red). In accordance with our wave rules and taking into account that wave C should retrace 161.8% of wave A we can define the potential targets with measuring wave A with take profit at 1.0104 (161.8% of wave 1). To reduce the risk, we can use invalidation point at 1.0800 level as stop loss.
Support and Resistance (S3) 1.0540, (S2) 1.0562, (S1) 1.0575, (PP) 1.0597, (R1) 1.0610, (R2) 1.0632, (R3) 1.0645.
Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin downward movements. That is why short positions at the level of 1.0750 with stop loss at 1.0800 and take profit at 1.0104 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD Elliott Wave
For the last few days pair has been trading upwards, so we have switched alternate and primary count, we are going to look for one more push higher to complete the bigger wave b. During the Friday’s European session we could observe ascending movement from 1.0623 towards the 1.0667 level. Therefore, during the New York session this commodity pair did not manage to hold this levels and the price retraced all the way back to 1.05800 level. At the moment, the USD/CAD pair is trading around 1.0575 level and we are expecting to see one more push higher before the price turns around in the FLAT c wave (coloured red). In accordance with our wave rules and taking into account that wave C should retrace 161.8% of wave A we can define the potential targets with measuring wave A with take profit at 1.0104 (161.8% of wave 1). To reduce the risk, we can use invalidation point at 1.0800 level as stop loss.
Support and Resistance
(S3) 1.0540, (S2) 1.0562, (S1) 1.0575, (PP) 1.0597, (R1) 1.0610, (R2) 1.0632, (R3) 1.0645.
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin downward movements. That is why short positions at the level of 1.0750 with stop loss at 1.0800 and take profit at 1.0104 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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