USD/CAD Analysis for March 29, 2013
March 29, 2013 9:15 amVideo
Latest News
- GBP/USD: trading tips for beginners for European session on May 2 May 2, 2024
- EUR/USD: trading tips for beginners for European session on May 2 May 2, 2024
- Market Comment – Dollar slides as Powell rules out rate hikes May 2, 2024
- RBA decision: will a rate hike be back on the table? – Preview May 2, 2024
- Video market update for May 02, 2024 May 2, 2024
- Technical Analysis – Bullish pressure in AUDUSD lingers May 2, 2024
- Key events on May 2: fundamental analysis for beginners May 2, 2024
- Trading plan for GBP/USD on May 2. Simple tips for beginners May 2, 2024
- Trading plan for EUR/USD on May 2. Simple tips for beginners May 2, 2024
- Technical Analysis of Intraday Price Movement of EUR/USD Main Currency Pairs, Thursday May 02 2024. May 2, 2024
- Technical Analysis of Intraday Price Movement of Nasdaq 100 Index, Thursday May 02 2024. May 2, 2024
- Forecast for EUR/USD on May 2, 2024 May 2, 2024
- Forecast for GBP/USD on May 2, 2024 May 2, 2024
- Forecast for AUD/USD on May 2, 2024 May 2, 2024
- Bank of Japan is trapped and increasingly dependent on the Fed’s stance. Overview of USD/JPY May 2, 2024
- Trading Signals for GOLD (XAU/USD) for May 1-2, 2024: buy above $2,290 (21 SMA – 4/8 Murray) May 1, 2024
- Technical Analysis – US 500 index might hit lower levels after Tuesday’s slump May 1, 2024
- Technical Analysis – NZDUSD falls back towards 5-month low May 1, 2024
- Technical Analysis – USDJPY erases losses, but risks remain May 1, 2024
- Video market update for May 01, 2024 May 1, 2024
USD/CAD Elliott Wave
For the last few weeks the USD/CAD pair was trading in a downwards channel, corrective wave Y (coloured blue) of the bigger wave (4) (coloured green) was developing. Yesterday during the Asian session we could observe descending movement from 1.0173 towards 1.0141 level and we can consider this movement as the end of the corrective (4) wave (coloured green). Therefore, during the European session this commodity currency did not manage to hold this level and the price started pushing higher and reached new daily high at 1.0173 level. Today the USD/CAD pair is trading around 1.0158 level and we expect to see the price pushing higher for the next few weeks. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0425 (100% of wave 1). To reduce the risk, we can use invalidation at 1.0099 level as stop loss.
Support and Resistance
(S3) 1.0131 (S2) 1.0142 (S1) 1.0149 (PP) 1.0159 (R1) 1.0170 (R2) 1.0177 (R3) 1.0187
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0165 with stop loss at 1.0099 and take profit at 1.0425 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: