18.10.201310:34 Forex Analysis & Reviews: USD/CAD analysis for October 18, 2013

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USD/CAD Elliott Wave
Since our last analyses, the USDCAD pair has been trading downwards, corrective wave .c (coloured black) of the bigger wave A (coloured blue) has been developing. Yesterday, during the Asian and European sessions, we could observe descending movements from 1.0327 towards the 1.0290 level. Therefore, during the New York session this commodity pair continued trading in a bearish mood and the price reached a new low at the 1.0279 level. At the moment, the USDCAD pair is trading around 1.0290 and we are expecting to see the price higher from the current price or from the 1.0250 level. 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 1.0345 (50% of wave A). To reduce the risk, we can use invalidation point at the 1.0200 level as stop loss.

Support and Resistance
(S3) 1.0220, (S2) 1.0250, (S1) 1.0271, (PP) 1.0301, (R1) 1.0322, (R2) 1.0352, (R3) 1.0373.

Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long position at the level of 1.0250 with stop loss at 1.0200 and take profit at 1.0345 are recommended.

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