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USD/CAD Elliott Wave
After a couple of days in the strong upward trend, the USD/CAD pair is showing some weakness at the moment, corrective wave [ii] (coloured black) of the bigger wave A (coloured blue) has been developing. In the chart of the pair above, we can see that short cycle from 1.10221 level is over at the 1.1277 level, we are calling this impulsive wave [i], and should see price finding support around 1.1145 - 1.1120 area next - 50 and 61.8% of the wave [i] length. While price remain above the 1.1022 level, the end of the red (X) wave, we are going to look for a buying opportunity at the next drop. In accordance with our wave rules and taking into account that wave [iii] should extend 161.8% of wave [i], we can define the potential targets with measuring wave [i] with take profit at 1.1527 (161.8% of wave [i]).
Alternate Count: We are going with the idea that we have already ended the A wave at the 1.1277 level, and that we are missing just one more push higher to complete the bigger (Z) wave (coloured red) . Support area in this case stay the same, as we are looking at Primary view, difference will be a next upwards targets, where we are looking at 1.1402 level.
Support and Resistance
(S3) 1.1178, (S2) 1.1206, (S1) 1.1222, (PP) 1.1250, (R1) 1.1266, (R2) 1.1294, (R3) 1.1310.
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 1.1145 with stop loss at 1.1022 and take profit at 1.1527 are recommended.
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