USD/CAD Elliott Wave For the last few days the USD/CAD pair has been trading upwards, just like we expected, impulsive wave 5 (coloured green) of the bigger wave (A) (coloured blue) has finished developing. Yesterday, during the Asian session we could observe ascending movement from 1.0235 towards the 1.0321 level. Therefore, during the European and New York sessions this currency has continued trading in a bullish mood and the price has reached a new daily high at 1.0387 level. At the moment the USD/CAD pair is at the start of the corrective wave (B) and we expect to see the price lower for the next few days. In accordance with our wave rules and taking into account that wave B should retrace 50% of wave A, we can define the potential targets with measuring wave A with take profit at 1.0200 (50% of wave A). To reduce the risk, we can use today’s high point at 1.0392 level as stop loss. Support and Resistance (S3) 1.0145 (S2) 1.0197 (S1) 1.0282 (PP) 1.0334 (R1) 1.0419 (R2) 1.0471 (R3) 1.0556 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0320 with stop loss at 1.0392 and take profit at 1.0200 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD Elliott Wave
For the last few days the USD/CAD pair has been trading upwards, just like we expected, impulsive wave 5 (coloured green) of the bigger wave (A) (coloured blue) has finished developing. Yesterday, during the Asian session we could observe ascending movement from 1.0235 towards the 1.0321 level. Therefore, during the European and New York sessions this currency has continued trading in a bullish mood and the price has reached a new daily high at 1.0387 level. At the moment the USD/CAD pair is at the start of the corrective wave (B) and we expect to see the price lower for the next few days. In accordance with our wave rules and taking into account that wave B should retrace 50% of wave A, we can define the potential targets with measuring wave A with take profit at 1.0200 (50% of wave A). To reduce the risk, we can use today’s high point at 1.0392 level as stop loss.
Support and Resistance
(S3) 1.0145 (S2) 1.0197 (S1) 1.0282 (PP) 1.0334 (R1) 1.0419 (R2) 1.0471 (R3) 1.0556
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0320 with stop loss at 1.0392 and take profit at 1.0200 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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