USD/CAD analysis for July 03, 2013
July 3, 2013 11:45 amVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
USD/CAD Elliott Wave
For the last few days the USD/CAD pair has been trading upwards, impulsive wave 5 (coloured blue) of the bigger wave [1] (coloured red) has finished developing. Yesterday, during the Asian and European session we could observe ascending movement from 1.0500 towards the 1.0577 level and we can consider this move as the end of the impulsive wave [1] (coloured red). Therefore, during the New York session this major currency did not manage to hold this levels and price has retraced back to 1.0528 level. At the moment, the USD/CAD pair is trading around 1.0550 and we are expecting to see price lower in the next few sessions. In accordance with our wave rules and taking into account that wave 2 should retrace 50% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.0355 (50% of wave 1). To reduce the risk, we can use invalidation point at 1.0600 level as stop loss.
Alternatively: If the price brakes above 1.0600 level, we need to consider that wave [1] (coloured red) is not over yet, in this scenario we can consider yesterday’s target at 1.0662 as possible end of the wave [1].
Support and resistance
(S3) 1.0450 (S2) 1.0483 (S1) 1.0503 (PP) 1.0537 (R1) 1.0570 (R2) 1.0590 (R3) 1.0624
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0500 with stop loss at 1.0600 and take at 1.0355 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: