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USD/CAD Elliott Wave
Since our last analyses, the USDCAD pair has been trading upwards, corrective wave A (coloured green) of the bigger wave (2) (coloured blue) has been developing. Yesterday, during the early Asian session we could observe strong descending movement from 1.0353 towards the 1.0282 level and we can consider this move as the end of the impulsive wave (1) (coloured blue). Therefore, during the European and New York sessions, when developing of the first leg of the (2) wave started, this commodity currency pair did not manage to hold around the lows and the price retraced back to the 1.0333 level. At the moment, the USDCAD pair is trading around 1.0328 and we are expecting to see more bullish movements in the next few sessions. In accordance with our wave rules and taking into account that wave 2 should retrace 50% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.0420 (50% of wave 1). To reduce the risk, we can use invalidation point at the 1.0270 level as stop loss.
Support and Resistance
(S3) 1.0250 (S2) 1.0266 (S1) 1.0294 (PP) 1.0310 (R1) 1.0338 (R2) 1.0354 (R3) 1.0382
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.0350 with stop loss at 1.0270 and take profit at 1.0420 are recommended.
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