USD/CAD Elliott Wave Since our last analyses the USD/CAD pair has been trading upwards, just like we expected, impulsive sub-wave 3 (coloured blue) of the bigger wave [1] (coloured red) has been developing. During the Monday’s Asian session we could observe descending movement from 1.0172 towards the 1.0148 level and we can consider this move as the end of the corrective wave 2 (coloured blue). Therefore, during the European and New York sessions this major currency did not manage to hold this levels and the price has pushed higher reaching a new two-day high at 1.0204 level. At the moment the USD/CAD pair is trading around 1.0200 area and we expect to see the price slightly higher in the next few session. 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 1.0222 (161.8% of wave 1). To reduce the risk, we can use support point at 1.0180 level as stop loss. Support and Resistance (S3) 1.0098 (S2) 1.0124 (S1) 1.0154 (PP) 1.0180 (R1) 1.0210 (R2) 1.0236 (R3) 1.0266 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0204 with stop loss at 1.0180 and take profit at 1.0222 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, just like we expected, impulsive sub-wave 3 (coloured blue) of the bigger wave [1] (coloured red) has been developing. During the Monday’s Asian session we could observe descending movement from 1.0172 towards the 1.0148 level and we can consider this move as the end of the corrective wave 2 (coloured blue). Therefore, during the European and New York sessions this major currency did not manage to hold this levels and the price has pushed higher reaching a new two-day high at 1.0204 level. At the moment the USD/CAD pair is trading around 1.0200 area and we expect to see the price slightly higher in the next few session. 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 1.0222 (161.8% of wave 1). To reduce the risk, we can use support point at 1.0180 level as stop loss.
Support and Resistance
(S3) 1.0098 (S2) 1.0124 (S1) 1.0154 (PP) 1.0180 (R1) 1.0210 (R2) 1.0236 (R3) 1.0266
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0204 with stop loss at 1.0180 and take profit at 1.0222 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: