USD/CAD Elliott Wave Since our last analysis, the USD/CAD pair has been trading upwards, that’s why we need to consider yesterday’s low at 1.0013 as the end of the wave (5)(coloured blue). During the Thursday’s Asian and European session we could observe ascending movement from 1.0013 towards the 1.0043 level. Therefore, during the New York session this commodity pair has continued trading with bullish mood and the price has reached a new 3-day high at 1.0088 level. At the moment, the USD/CAD pair is trading around 1.0080 level and we are expecting to see price lower for the end of the wave 2 (coloured green). In accordance with our wave rules and taking into account that wave 2 should retrace 61.8% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.0045 (61.8% of wave 1). To reduce the risk, we can use resistance point at 1.0100 level as stop loss. Support and resistance (S3) 0.9980 (S2) 1.0009 (S1) 1.0027 (PP) 1.0056 (R1) 1.0085 (R2) 1.0103 (R3) 1.0132 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0075 with stop loss at 1.0100 and take profit at 1.0045 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 been trading upwards, that’s why we need to consider yesterday’s low at 1.0013 as the end of the wave (5)(coloured blue). During the Thursday’s Asian and European session we could observe ascending movement from 1.0013 towards the 1.0043 level. Therefore, during the New York session this commodity pair has continued trading with bullish mood and the price has reached a new 3-day high at 1.0088 level. At the moment, the USD/CAD pair is trading around 1.0080 level and we are expecting to see price lower for the end of the wave 2 (coloured green). In accordance with our wave rules and taking into account that wave 2 should retrace 61.8% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.0045 (61.8% of wave 1). To reduce the risk, we can use resistance point at 1.0100 level as stop loss.
Support and resistance
(S3) 0.9980 (S2) 1.0009 (S1) 1.0027 (PP) 1.0056 (R1) 1.0085 (R2) 1.0103 (R3) 1.0132
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0075 with stop loss at 1.0100 and take profit at 1.0045 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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