USD/CAD Elliott Wave Last week the USD/CAD pair has been trading upwards, impulsive wave 5 (coloured blue) of the bigger wave [1] (coloured red) has been developing. During the Friday’s Asian and European session we could observe ascending movement from 1.0452 towards the 1.0520 level. Therefore, during the New York session this major currency has continued trading in a bullish mood and price has reached a new daily high at 1.0551 level. At the moment the USD/CAD pair is trading around 1.0509 area and we are expecting to see price higher this week. In accordance with our wave rules and taking into account that wave 5 should retrace 61.8% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.0662 (61.8% of wave 1). To reduce the risk, we can use invalidation point at 1.0430 level as stop loss. Support and resistance (S3) 1.0362 (S2) 1.0408 (S1) 1.0462 (PP) 1.0508 (R1) 1.0562 (R2) 1.0608 (R3) 1.0662 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0530 with stop loss at 1.0430 and take at 1.0662 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD Elliott Wave
Last week the USD/CAD pair has been trading upwards, impulsive wave 5 (coloured blue) of the bigger wave [1] (coloured red) has been developing. During the Friday’s Asian and European session we could observe ascending movement from 1.0452 towards the 1.0520 level. Therefore, during the New York session this major currency has continued trading in a bullish mood and price has reached a new daily high at 1.0551 level. At the moment the USD/CAD pair is trading around 1.0509 area and we are expecting to see price higher this week. In accordance with our wave rules and taking into account that wave 5 should retrace 61.8% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.0662 (61.8% of wave 1). To reduce the risk, we can use invalidation point at 1.0430 level as stop loss.
Support and resistance
(S3) 1.0362 (S2) 1.0408 (S1) 1.0462 (PP) 1.0508 (R1) 1.0562 (R2) 1.0608 (R3) 1.0662
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0530 with stop loss at 1.0430 and take at 1.0662 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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