USD/CAD Elliott wave Since our last analysis the USD/CAD pair has continued trading lower, just as we expected, impulsive wave 3 (coloured green) of the bigger wave (5) (coloured blue). During the Wednesday’s Asian session we could observe ascending movement from 1.0040 towards the 1.0057 level. Therefore, during the European and New York session this commodity currency pair did not manage to hold this levels and price has retraced back to 1.0018 level. At the moment the USD/CAD pair is trading around 1.0018 area and we are expecting to see price lower today.In accordance with our wave rules and taking into account that the wave 5 should retrace 61.8% of the waves 3, we can define the potential targets with measuring wave 3 with take profit at 0.9990(161.8 % of wave 1). To reduce the risk, we can use resistance at 1.0069 as stop loss. Support and resistance (S3) 0.9994 (S2) 1.0010 (S1) 1.0020 (PP) 1.0035 (R1) 1.0051 (R2) 1.0061 (R3) 1.0076 Trading forecast Proceeding from Elliott wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0040 with stop loss at 1.0069 and take profit at 0.9990 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD Elliott wave
Since our last analysis the USD/CAD pair has continued trading lower, just as we expected, impulsive wave 3 (coloured green) of the bigger wave (5) (coloured blue). During the Wednesday’s Asian session we could observe ascending movement from 1.0040 towards the 1.0057 level. Therefore, during the European and New York session this commodity currency pair did not manage to hold this levels and price has retraced back to 1.0018 level. At the moment the USD/CAD pair is trading around 1.0018 area and we are expecting to see price lower today.In accordance with our wave rules and taking into account that the wave 5 should retrace 61.8% of the waves 3, we can define the potential targets with measuring wave 3 with take profit at 0.9990(161.8 % of wave 1). To reduce the risk, we can use resistance at 1.0069 as stop loss.
Support and resistance
(S3) 0.9994 (S2) 1.0010 (S1) 1.0020 (PP) 1.0035 (R1) 1.0051 (R2) 1.0061 (R3) 1.0076
Trading forecast
Proceeding from Elliott wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0040 with stop loss at 1.0069 and take profit at 0.9990 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: