USD/CAD Elliott Wave Since our last analyses, the USDCAD pair has been trading downwards, corrective wave .y (coloured black) of the bigger wave b (coloured blue) has been developing. During Monday’s European session we could observe descending movements from 1.0369 towards the 1.0340 level.Therefore, during the early New York session this commodity pair did not manage to hold this levels and the price retraced back to the 1.0359 level. At the moment, the USDCAD pair is trading around the 1.0335 level and we are expecting to see new marginal lows in the early European session and from there the price should push higher in the final c wave (coloured blue). In accordance with our wave rules and taking into account that wave C should retrace 100% of wave A, we can define the potential targets with measuring wave A with take profit at 1.0480 (100% of wave A). To reduce the risk, we can use invalidation point at the 1.0300 level as stop loss.
Support and Resistance (S3) 1.0310 (S2) 1.0326 (S1) 1.0338 (PP) 1.0354 (R1) 1.0366 (R2) 1.0382 (R3) 1.0394
Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movements. That is why long positions at the level of 1.0320 with stop loss at 1.0300 and take profit at 1.0480 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD Elliott Wave
Since our last analyses, the USDCAD pair has been trading downwards, corrective wave .y (coloured black) of the bigger wave b (coloured blue) has been developing. During Monday’s European session we could observe descending movements from 1.0369 towards the 1.0340 level.Therefore, during the early New York session this commodity pair did not manage to hold this levels and the price retraced back to the 1.0359 level. At the moment, the USDCAD pair is trading around the 1.0335 level and we are expecting to see new marginal lows in the early European session and from there the price should push higher in the final c wave (coloured blue). In accordance with our wave rules and taking into account that wave C should retrace 100% of wave A, we can define the potential targets with measuring wave A with take profit at 1.0480 (100% of wave A). To reduce the risk, we can use invalidation point at the 1.0300 level as stop loss.
Support and Resistance
(S3) 1.0310 (S2) 1.0326 (S1) 1.0338 (PP) 1.0354 (R1) 1.0366 (R2) 1.0382 (R3) 1.0394
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movements. That is why long positions at the level of 1.0320 with stop loss at 1.0300 and take profit at 1.0480 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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