USD/CAD Elliott Wave Since our last analyses the USDCAD pair has been trading upwards, just like we expected, we made few slight changes in our primary count to fit yesterday’s move to current wave cycle. During the Wednesday’s Asian and European sessions, we could observe an ascending movement from 1.0281 towards the 1.0337 level. Therefore, during the New York session this commodity pair continued trading in a bullish mood and the price reached a new sessions high at the 1.0394 level. We can consider this move as the end of the a wave (coloured blue) of the bigger wave (y) (coloured green). At the moment, the USDCAD pair is trading around 1.0366, and we are expecting to see more bearish movement in the b wave to come. 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 1.0334 (50% of wave A). To reduce the risk, we can use invalidation point at the 1.0394 level as stop loss.
Support and Resistance (S3) 1.0196 (S2) 1.0238 (S1) 1.0311 (PP) 1.0353 (R1) 1.0426 (R2) 1.0468 (R3) 1.0541
Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movements. That is why short positions at the level of 1.0360 with stop loss at 1.0394 and take profit at 1.0334 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 upwards, just like we expected, we made few slight changes in our primary count to fit yesterday’s move to current wave cycle. During the Wednesday’s Asian and European sessions, we could observe an ascending movement from 1.0281 towards the 1.0337 level. Therefore, during the New York session this commodity pair continued trading in a bullish mood and the price reached a new sessions high at the 1.0394 level. We can consider this move as the end of the a wave (coloured blue) of the bigger wave (y) (coloured green). At the moment, the USDCAD pair is trading around 1.0366, and we are expecting to see more bearish movement in the b wave to come. 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 1.0334 (50% of wave A). To reduce the risk, we can use invalidation point at the 1.0394 level as stop loss.
Support and Resistance
(S3) 1.0196 (S2) 1.0238 (S1) 1.0311 (PP) 1.0353 (R1) 1.0426 (R2) 1.0468 (R3) 1.0541
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movements. That is why short positions at the level of 1.0360 with stop loss at 1.0394 and take profit at 1.0334 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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