USD/CAD Elliott Wave Since our last analyses the USD/CAD pair has been trading upwards, so we changed our primary wave count a little bit. During the Fridays Asian and European session we could observe strong ascending movement from 1.0510 towards the 1.0607 level. Therefore, during the early New York session this commodity currency did not manage to hold this highs and price has retraced all the way back to 1.0560 level. At the moment the USD/CAD pair is trading around 1.0557 area and we are expecting to see price pushing higher in the next few sessions. In accordance with our wave rules and taking into account that wave 5 should retrace 61.8% of wave 3, we can define the potential targets with measuring wave 3 with take profit at 1.0662 (61.8% of wave 3). To reduce the risk, we can use invalidation point at 1.0467 level as stop loss.
Support and Resistance (S3) 1.0421 (S2) 1.0466 (S1) 1.0518 (PP) 1.0563 (R1) 1.0615 (R2) 1.0660 (R3) 1.0712
Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0580 with stop loss at 1.0467 and take profit at 1.0662 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD Elliott Wave
Since our last analyses the USD/CAD pair has been trading upwards, so we changed our primary wave count a little bit. During the Fridays Asian and European session we could observe strong ascending movement from 1.0510 towards the 1.0607 level. Therefore, during the early New York session this commodity currency did not manage to hold this highs and price has retraced all the way back to 1.0560 level. At the moment the USD/CAD pair is trading around 1.0557 area and we are expecting to see price pushing higher in the next few sessions. In accordance with our wave rules and taking into account that wave 5 should retrace 61.8% of wave 3, we can define the potential targets with measuring wave 3 with take profit at 1.0662 (61.8% of wave 3). To reduce the risk, we can use invalidation point at 1.0467 level as stop loss.
Support and Resistance
(S3) 1.0421 (S2) 1.0466 (S1) 1.0518 (PP) 1.0563 (R1) 1.0615 (R2) 1.0660 (R3) 1.0712
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0580 with stop loss at 1.0467 and take profit at 1.0662 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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