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USD/CAD Elliott Wave
Since our last analyses the USDCAD pair has been trading upwards, corrective wave .4 (coloured green) of the bigger wave 1 (coloured blue) has been developing. Yesterday, during the Asian and European sessions we could observe an ascending movement from 1.0305 towards the 1.0335 level and we can consider this move as the end of the wave A (coloured black). Therefore, during the New York session this commodity pair did not manage to hold this levels and the price retraced back to the 1.0312 level. At the moment, the USDCAD pair is trading around the 1.0338 level and we are expecting to see the price fall lower when the developing of the .5 wave (coloured green) starts. In accordance with our wave rules and taking into account that wave 5 should retrace 123.6% of wave 4, so we can define the potential targets with measuring wave 4 with take profit at 1.0295 (123.6% of wave 4). To reduce the risk, we can use invalidation point at the 1.0400 level as stop loss.
Support and Resistance
(S3) 1.0276 (S2) 1.0291 (S1) 1.0306 (PP) 1.0321 (R1) 1.0336 (R2) 1.0351 (R3) 1.0366
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at the level of 1.0360 with stop loss at 1.0400 and take profit at 1.0295 are recommended.
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