15.05.201313:12 Forex Analysis & Reviews: USD/CAD analysis for May 15, 2013

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USD/CAD Elliott Wave
Since our last analysis the USD/CAD pair has been trading upwards, impulsive sub-wave 1 (coloured red) of the bigger wave 3 (coloured green) has finished its development. Yesterday, during the Asian and European sessions we could observe ascending movement from 1.0091 towards the 1.0139 level. Therefore, during the New York session this commodity currency has continued trading in a bullish mood and the price has reached a new daily high at 1.0181 level. At the moment the USD/CAD pair is trading around 1.0210 where we think impulsive wave 1 (coloured red) has finished developing and we are expecting to see some kind of pullback 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 1.0148 (50% of wave 1). To reduce the risk, we can use invalidation point at 1.0215 level as stop loss.
Support and Resistance
(S3) 1.0026 (S2) 1.0058 (S1) 1.0118 (PP) 1.0150 (R1) 1.0210 (R2) 1.0242 (R3) 1.0302
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0180 with stop loss at 1.0215 and take profit at 1.0148 are recommended.

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