USD/CAD Elliott Wave For the last few days the USDCAD pair has been trading upwards, just like we expected, corrective wave (c) (coloured green) of the bigger wave [b] (coloured black) has been developing. Yesterday, during the European session we could observe the descending movement from 1.0318 towards the 1.0285 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 1.0318 level. At the moment, the USDCAD pair is trading around 1.0315 and we are expecting to see a new highs in the next few sessions. 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 1.0394 (100% of wave A). To reduce the risk, we can use invalidation point at the 1.0285 level as stop loss.
Support and Resistance (S3) 1.0260 (S2) 1.0272 (S1) 1.0293 (PP) 1.0305 (R1) 1.0326 (R2) 1.0338 (R3) 1.0359
Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin upwards movements. That is why long positions at the level of 1.0325 with stop loss at 1.0285 and take profit at 1.0394 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD Elliott Wave
For the last few days the USDCAD pair has been trading upwards, just like we expected, corrective wave (c) (coloured green) of the bigger wave [b] (coloured black) has been developing. Yesterday, during the European session we could observe the descending movement from 1.0318 towards the 1.0285 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 1.0318 level. At the moment, the USDCAD pair is trading around 1.0315 and we are expecting to see a new highs in the next few sessions. 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 1.0394 (100% of wave A). To reduce the risk, we can use invalidation point at the 1.0285 level as stop loss.
Support and Resistance
(S3) 1.0260 (S2) 1.0272 (S1) 1.0293 (PP) 1.0305 (R1) 1.0326 (R2) 1.0338 (R3) 1.0359
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upwards movements. That is why long positions at the level of 1.0325 with stop loss at 1.0285 and take profit at 1.0394 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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