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USD/CAD Elliott Wave
Since our last analyses the USDCAD pair has been trading upwards, just like we expected, corrective wave c (coloured blue) of the bigger wave (y) has been developing. During Tuesday's Asian session we could observe strong descending movement from 1.0328 towards the 1.0287 level.Therefore, during the European and New York sessions this commodity currency did not manage to hold around the lows and the price reached a new high at 1.0340. At the moment, the USDCAD pair is trading around 1.03460 and we are expecting to see the start of the [c] wave (coloured black) from the current level or 1.0400; in any case we want to be sellers in this pair. 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 0.9990 (100% of wave A). To reduce the risk, we can use invalidation point at 1.0550 level as stop loss.
Support and Resistance
(S3) 1.0247 (S2) 1.0267 (S1) 1.0296 (PP) 1.0316 (R1) 1.0345 (R2) 1.0365 (R3) 1.0394
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movements. That is why short positions at the level of 1.0400 with stop loss at 1.0550 and take profit at 0.9990 are recommended.
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