USD/CAD Elliott Wave Since our analyses, the USD/CAD pair has been trading upwards. As we expected, impulsive wave i (coloured black) of the bigger wave (5) (coloured blue) has been developing. Yesterday, during the Asian session, we could observe a descending movement from 1.0595 towards 1.0575 level. Therefore, during the European and New York sessions, this commodity pair did not manage to hold this level and the price has retraced towards 1.0617 level. At the moment, the USD/CAD pair is trading around 1.0610 level and we are expecting to see one more upwards movement in the next few days. In accordance with our wave rules and taking into account that wave 3 should retrace 161.8% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.0672 (161.8% of wave 1). To reduce the risk, we can use invalidation point at 1.0570 level as stop loss.
Support and Resistance (S3) 1.0540, (S2) 1.0557, (S1) 1.0582, (PP) 1.0599, (R1) 1.0624, (R2) 1.0641, (R3) 1.0666.
Trading forecast Proceeding from the Elliott Wave rules today, the trend is expected to begin the upwards movements. That is why long position at level 1.0580 with stop loss at 1.0570 and take profit at 1.0672 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD Elliott Wave
Since our analyses, the USD/CAD pair has been trading upwards. As we expected, impulsive wave i (coloured black) of the bigger wave (5) (coloured blue) has been developing. Yesterday, during the Asian session, we could observe a descending movement from 1.0595 towards 1.0575 level. Therefore, during the European and New York sessions, this commodity pair did not manage to hold this level and the price has retraced towards 1.0617 level. At the moment, the USD/CAD pair is trading around 1.0610 level and we are expecting to see one more upwards movement in the next few days. In accordance with our wave rules and taking into account that wave 3 should retrace 161.8% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.0672 (161.8% of wave 1). To reduce the risk, we can use invalidation point at 1.0570 level as stop loss.
Support and Resistance
(S3) 1.0540, (S2) 1.0557, (S1) 1.0582, (PP) 1.0599, (R1) 1.0624, (R2) 1.0641, (R3) 1.0666.
Trading forecast
Proceeding from the Elliott Wave rules today, the trend is expected to begin the upwards movements. That is why long position at level 1.0580 with stop loss at 1.0570 and take profit at 1.0672 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: